Global Banking Lags in Cryptocurrency Regulation: Stablecoin Focus Hinders Consensus

The international community of financial regulators is facing a critical dilemma: developing effective regulations for cryptocurrencies while major financial powers fail to agree on an approach. The Basel Committee, a global standard-setter for banking supervision, acknowledges the need for updated rules as cryptocurrency innovation continues at a rapid pace. Erik Thedéen, Chairman of the influential Basel Committee, highlights that current regulatory frameworks are insufficient for this ever-evolving landscape.