Finance Groups Urge Basel Committee to Rethink 2026 Crypto Rules Amid CFPB 'Open Banking' Rewrite

A coalition of major finance industry bodies and trade groups has urged the Basel Committee on Banking Supervision to reconsider its forthcoming regulatory standards on cryptocurrency exposure for banks. These groups argue that the current Basel crypto rules, scheduled for implementation in 2026, impose strict capital requirements that could render bank participation in crypto markets uneconomical. The lobbying effort includes calls for a pause on the implementation timeline to allow for a more balanced approach that accommodates the evolving crypto landscape. Concurrently, the U.S. Consumer Financial Protection Bureau (CFPB) announced plans to rewrite its 'open banking' rule following pressure from the crypto and fintech sectors. The CFPB has initiated a review process by publishing questions aimed at revising the rule to better reflect industry developments and stakeholder concerns. These developments highlight ongoing tensions between regulatory bodies and financial institutions seeking to integrate cryptocurrency activities within traditional banking frameworks.