Recent appeals by major financial lobbying groups to regulatory bodies urge a pause on the implementation of new crypto banking rules, citing overly strict measures.
Lobbying Groups' Appeal
Major financial lobbying groups have reached out to the Basel Committee on Banking Supervision, calling for a reconsideration of upcoming regulations affecting cryptocurrency activities. They argue that the new rules are too stringent and not reflective of real-world digital asset applications. The lobbying groups demand a thorough review and recalibration of these standards prior to their scheduled adoption in 2026.
Official Responses and Comments
Erik Thedéen, Chair of BCBS and Governor of Sveriges Riksbank, stated that the Committee aims to strengthen regulations and practices in banks globally, promoting financial stability. Ongoing dialogues with stakeholders are maintained, but no immediate delays or changes have been confirmed by the Basel Committee.
Market Analysis and Future of Cryptocurrencies
Current data shows Bitcoin (BTC) trading at $113,363.32, with a market cap of $2.26 trillion and a 24-hour trading volume of $66.79 billion. Last month saw a 4.19% price drop, although the 60-day growth reached 9.33%. Future regulatory adjustments are expected to improve the integration of cryptocurrencies with traditional financial systems.
The appeal of financial groups to the Basel Committee highlights the importance of industry feedback in the development of new regulations, which could significantly impact the future of crypto banking.
