Bitcoin advocate group to fight Basel’s ‘toxic’ treatment of cryptocurrency
The Bitcoin Policy Institute wants to ensure “US regulators get Bitcoin’s treatment right” when the Federal Reserve issues proposals to implement the Basel framework.
The Bitcoin Policy Institute (BPI) says it will push the US Federal Reserve to change how Bitcoin is treated, as the central bank is set to issue rules on how banks should implement international guidelines for asset risk weighting.
“BPI will be reviewing this proposal closely and submitting a public comment to ensure that US regulators get Bitcoin’s treatment right,” Bitcoin Policy Institute managing director Conner Brown said in an X post on Wednesday.
It comes just a day after the Fed announced it will issue a proposal for public comment on how US banks should implement risk-weighting guidance, which determines how risky different assets are on a bank’s balance sheet, from the Basel Committee on Banking Supervision.