The next big Bitcoin policy fight may have nothing to do with ETFs or government legislation, but with a dry Federal Reserve capital proposal that most investors will never read.

The landscape is simple: will big banks continue to treat Bitcoin as a balance sheet hazard, or will US capital rules begin to leave room for more serious bank intermediation around it?

With the Fed expected to vote next week on a revised Basel proposal and then open a 90-day comment window, this little-noticed rulemaking could become one of the most important banking decisions for Bitcoin in years.

Reuters reported on Mar. 12 that the Fed plans to vote next week on a revised Basel proposal for large banks and then open a 90-day public comment period.