The chair of the Basel Committee on Banking Supervision, Erik Thedéen, has called for a revision of existing capital rules for banks holding cryptocurrencies. Current regulations require banks to maintain significant capital reserves against potential losses, but these rules have not been effectively implemented in the U.S. or the U.K. Thedéen's comments reflect a critical shift in focus from volatile cryptocurrencies like Bitcoin to more stable options such as stablecoins, which have gained prominence in recent discussions. The Basel Committee's framework, initially proposed in 2021, aimed to standardize how banks manage crypto-related risks, but it is set to come into force in 2024. Both the U.S. Federal Reserve, through Vice-Chair Michelle Bowman, and the Bank of England have expressed concerns about the practicality of these rules. Bowman described them as "not very realistic," while the Bank of England opted not to implement them in their current form. Thedéen emphasized the need for a quick reassessment of risk factors associated with stablecoins and permissionless ledgers, indicating that the financial landscape is evolving rapidly.