Global Banking Sector Calls for Overhaul of Crypto Regulations

August 19, 2025 - 19:01

In a significant move, prominent trade associations in the finance industry have urged the Basel Committee on Banking Supervision to reconsider existing regulations concerning cryptocurrencies. In a collaborative letter, these organizations emphasized the need for policymakers to gather updated insights on the applications of distributed ledger technology, which serves as the foundation for digital assets. They proposed a thorough reassessment of the regulatory standards set to be implemented in 2026, advocating for necessary adjustments to align with the evolving landscape of the crypto market.

The rapid integration of cryptocurrencies into mainstream finance, particularly in the United States, has prompted this call for regulatory reform. Former President Donald Trump's administration had previously enacted legislation to bolster the growth of the crypto sector. Major financial institutions, including JPMorgan, are increasingly engaging with this asset class, expanding their services to include custody solutions, trading facilitation, and the issuance of stablecoins. As the industry matures, the demand for updated regulatory frameworks becomes more pressing.