Big banks oppose stricter Basel rules by targeting Bitcoin cryptocurrencies

Global banking regulators, JPMorgan, Deutsche Bank and other banking giants oppose the need to keep one dollar in capital for every dollar of BTC owned by them, three months after proposing stricter new rules for traditional cryptocurrencies seeking bitcoin exposure.

The Basel Committee on Banking Oversight, a group of regulators of the world’s most prominent financial centers, proposed tougher rules in June. However, the Global Financial Markets Association, a forum of banks that includes JPMorgan and Deutsche Bank, released a letter on Tuesday with five other industry associations pushing against the new rules, The Wall Street Journal Report

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