JPMorgan says new rules are urgently needed to give banks certainty in handling crypto assets on behalf of large customers. crypto cryptocurrency bitcoin $BTC
Noting that some very large players had asked JPMorgan to hedge their exposures to crypto assets, Toennies opined:
I do think we need a globally consistent regulatory framework. It’s important that we get to a solution as quickly as possible. Global banking regulators at the Basel Committee on Banking Supervision are discussing rules for banks to deal with crypto assets. In June last year, the Committeedividing crypto assets into two groups and regulating them based on their market, liquidity, credit, and operational risks to banks. However, final rules are not expected until at least next year.
Toennies revealed that the global investment bank has been talking to different jurisdictions about “interim treatment” for crypto assets while waiting for the Basel Committee to establish applicable rules.The real risk to all of our economies is that if we don’t get to a solution that allows banks to engage with our clients in a hedged way, this activity will go outside the regulatory perimeter, and I am concerned about financial stability.
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