It's an attempt to put lending on a new footing and introduce new collateral structures and new reserve requirements in the banking process, the Basel 3 process. In yesterday's hearing before the Financial Services Committee, Federal Reserve Chairman Jerome Powell made it clear that banks in America want changes to the proposed framework. It is clear that the planned increases in the minimum reserve requirements would lead to more restrictive lending, especially now in an environment in which banks are once again expanding their lending volume. The banking lobby has clearly won a points victory here. From an asset management perspective, this can only mean Throw out the fishing nets (Bitcoin) and enjoy the show! The money supply continues to grow, show must go on!