Banking Heavyweights Oppose Basel’s Proposed Rules on Crypto Capital Requirements: Report

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Banking Heavyweights Oppose Basel’s Proposed Rules on Crypto Capital Requirements: Report
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A forum of some of the U.S. and Europe’s biggest banks have opposed the rules proposed by the world’s central banks and regulators for capital requirements on bitcoin exposure.

The Global Financial Market Association (GFMA), made up of such institutions as JPMorgan and Deutsche Bank, as well as several other industry associations, have opposed the rules set out in June by the Basel Committee for Banking Supervision, the Wall Street Journal reported Tuesday.The Basel Committee, which is a group within the Bank for International Settlements made up of global regulators and central bankers, suggested that banks with bitcoin exposure should set aside capital to cover losses in full.The GFMA said that such a weighting was not necessary.“We find the proposals in the consultation to be so overly conservative and simplistic that they, in effect, would preclude bank involvement in crypto asset markets,” the GFMA wrote in the letter to the Committee.

Read more: JPMorgan Launches In-House Bitcoin Fund for Private Bank Clients



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