Financial Lobby Groups Demand Review of Cryptocurrency Banking Regulations

Major financial lobbying groups are urging regulators to hold off on implementing new rules for banks’ operations involving cryptocurrency. They believe these regulations, set to take effect in 2026, are too stringent and request a review. In a joint letter sent to the Basel Committee on Banking Supervision, industry associations called for policymakers to gain insights into the specific applications of blockchain technology used by cryptocurrencies before formal adoption of new standards.