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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.
Brown said Bitcoin (BTC) is treated as a “toxic asset” under the Basel framework, a global standard for banking regulations.
He added it carries a 1,250% risk weighting, which was “harsher than virtually all other asset classes.”“More efficient regulation” is the aim: Fed
Federal Reserve vice chair for supervision Michelle Bowman said on Thursday that the agency will be proposing rules in the coming weeks to implement the final phase of Basel in the US.
Bowman said that the aim is “more efficient regulation and banks that are better [positioned] to support economic growth, while preserving safety and soundness.”
The 1,250% capital requirement means that banks must back any Bitcoin on their balance sheets at a 1:1 ratio with approved collateral, making holding the cryptocurrency more costly than other asset classes.
Cash, physical gold and government debt carry a 0% risk weight under the Basel framework.
“The most punitive classification”: Bitcoin Policy Institute
Brown said in a blog post last month that the treatment of Bitcoin is the “most punitive classification” in the Basel Committee’s capital framework and a “category error.”
In 2021, the Basel Committee proposed placing crypto in its high-risk Group 2 set of assets. Group 2 holdings were restricted to under 1% of the value of their Group 1 holdings.
“This risk weighting makes it extremely difficult for banks to provide financial services to Bitcoiners and Bitcoin companies,” Brown said.
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