Gate News reports that on March 13, Vice Chair for Supervision at the Federal Reserve, Michelle Bowman, stated that U.S. regulators will propose rules for the final phase of Basel III in the coming weeks, expected to be released between March 17 and 21, followed by a 90-day public comment period. The proposal has been coordinated by the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation. According to the Basel Committee’s final 2022 global crypto framework, Bitcoin is classified as a Category 2b asset, which regulators consider difficult to hedge and inherently volatile, with a risk weight of 1250%. This means that a bank holding a $100 million Bitcoin exposure would be treated as $1.25 billion in risk-weighted assets, requiring approximately $100 million in capital. Compared to the zero risk weight for cash, gold, and U.S. Treasuries, and the 20%-100% range for corporate loans, Bitcoin’s capital treatment is extremely strict. Crypto industry organizations criticize this framework for misclassifying Bitcoin and preventing banks from providing related services.
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