With bitcoin finally breaking back above $38K for the first time in the better part of a week (maybe the FBI has finally finished dumping that crypto “ransom” from the Colonial Pipeline hack?) the FT has just revealed that the Basel Committee on Banking Supervision, the world’s most powerful regulator of banking standards and rules, has decided how banks hoping to hold cryptocurrency on their balance sheets will need to treat it in what is being interpreted as the market as a major ‘win’ for digital-currency adoption.

The new proposal from the Basel Committee is being interpreted as a global regulators giving eager megabanks a green light to finally hold “volatile” cryptocurrencies like bitcoin, ethereum and “pawgcoin” on their balance sheet. This is hardly surprising, since banks like JPM, Goldman and Citi have already launched their own crypto-focused businesses. However, the proposal also shows that these banks will need to treat crypto as among the riskiest assets they can own.