In particular, the company executives noted the difficulty they experience building partnerships with banks due to unclear state and national rules. BitPay CFO Bryan Krohn told the panel that this lack of clear guidelines makes bitcoin-based business seem too risky. “Banks are just backing away. The cost for doing this is too burdensome, and they just say ‘No.'”
CoinX CEO Megan Burton echoed this concern, suggesting the need for a “bridge” between money-services businesses (MSB) dealing in virtual currencies and traditional banking. SecondMarket’s Executive Vice President Annemarie Tierney said that the perception that bitcoin companies are too “high risk” has already cost her company an established banking partner, even though their business is neither an MSB or an exchange. She claims that simply being a bitcoin business “raised our risk profile, and it was too much work for [the bank] to figure it out.”
The CSBS task force is activel studying the regulatory landscape around bitcoin, and plans to publish it’s finding and proposed guidelines later this year.