Crypto advocates see the rule as onerous and capital intensive, and, apparently, so do banks and different monetary incumbents. In February, main banking and securities trade our bodies together with the Financial institution Coverage Institute (BPI), American Bankers Affiliation (ABA), Monetary Providers Discussion board (FSF) and the Securities Business and Monetary Markets Affiliation (SIFMA) wrote a letter to the SEC asking for amendments to the bulletin’s necessities.
