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Banking Heavyweights Oppose Basel’s Proposed Rules on Crypto Capital Requirements
Banks including JPMorgan Chase and Deutsche Bank oppose “overly conservative” proposals they say would prevent banks from getting involved in crypto asset markets.
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A forum of some of the largest U.S. and European banks has urged modifications to the rules proposed by the world’s central banks and regulators for capital requirements on bitcoin exposure.
- The Global Financial Markets Association (GFMA), made up of such institutions as JPMorgan Chase and Deutsche Bank as well as several other industry associations, in a Sept. 20 letter opposed the rules set out in June by the Basel Committee on 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 unnecessary.
- “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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Crypto group counters Wall Street bankers with its own stablecoin principles for bill
After the bankers shared a document at the White House demanding a total ban on stablecoin yield, the crypto side answers that it needs some stablecoin rewards.
What to know:
- The U.S. Senate's crypto market structure bill has been waylaid by a dispute over something that's not related to market structure: yield on stablecoins.
- The Digital Chamber is offering a response to a position paper circulated earlier this week by bankers who oppose stablecoin yield.
- The crypto group's own principles documents argues that certain rewards are needed on stablecoin acvitity, but that the industry doesn't need to pursue products that directly threaten bank deposits business.
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