The world’s major financial lobbying groups called on regulators to pause the upcoming implementation of tough new standards governing banks’ cryptocurrency dealings and revisit measures they argue are needlessly onerous.
In a joint letter to the Basel Committee on Banking Supervision, the trade associations said policymakers should “seek updated information” on the use cases for the distributed ledger technology that underpins digital assets, and weigh “any appropriate redesign and recalibration” of the standards due to be adopted in 2026.