Big Banks Oppose Strict Basel Rules Targeting Bitcoin Cryptocurrencies

Three months after global banking regulators proposed strict new rules for traditional financial institutions seeking bitcoin exposure, JPMorgan, Deutsche Bank, and other banking giants opposed what would require them to set aside one dollar in capital for each dollar of BTC they own.

The strict rules were proposed in June by the Basel Committee for Banking Supervision, a group of regulators from the world’s most prominent financial centers. However, the Global Financial Markets Association, a forum for banks that includes JPMorgan and Deutsche Bank, published together with five other industry associations a letter on Tuesday that pushed against the new regulation, The Wall Street Journal reported.

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