The biggest US and European banks oppose strict new rules that would require them to set aside a dollar in capital for every dollar of bitcoin they own, a group of trade associations representing the lenders told the top global standard setter for banking regulation.

The Basel Committee for Banking Supervision, a group of global central bankers and regulators, proposed the new rules in June. The Global Financial Markets Association, a forum for banks including JPMorgan Chase and Deutsche Bank, and five other industry associations pushed against them in a letter published on 21 September, arguing that the most traded cryptocurrencies, including bitcoin, shouldn’t face such strict capital requirements.