Global financial lobbyists urge pause on crypto rules
Some of the world's biggest financial lobby groups want regulators to hit pause on new crypto regulations set for 2026.
In a letter to the Basel Committee, they said the planned rules are just too strict and could mess with how banks operate globally.
They're also asking for another look at how distributed ledger tech is handled.
Basel Committee yet to respond to concerns
The upcoming rules would make banks hold a lot more capital if they deal with crypto, which these groups think could cause problems—especially since big banks like JPMorgan are already moving deeper into crypto services.
The lobbyists warn that if different countries enforce these rules differently, it could create confusion and extra risks across borders.
So far, the Basel Committee hasn't responded to their concerns.