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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.
Updated May 11, 2023, 4:33 p.m. Published Sep 21, 2021, 2:58 p.m.
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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- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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