On July 17, the Basel Committee on Banking Supervision of the Bank for International Settlements (BIS) released its final disclosure report on banks' risk exposure to crypto assets. The report requires that banks will need to disclose qualitative and quantitative reports of their crypto-related activities and liquidity requirements in order to maintain stability. In addition, the report tightens the standards for permissionless stablecoins, and as a result, all stablecoins issued on permissionless blockchains such as USDT and USDC are in danger of severe regulation. It also tightens the standards for certain stablecoins that will receive preferential "Category 1b" regulatory treatment.