BankThink

With their regulatory status, refined customer identity procedures and global infrastructure, banks could offer bitcoin exchange services and lead the modernization of financial services. Instead, they’re freezing Bitcoin entrepreneurs’ accounts.

A recap of the informed opinions (and the discussions they generated) this week.

Receiving Wide Coverage ...

Downgraded: Moody's downgraded four major U.S. banks — JPMorgan Chase, Morgan Stanley, Goldman Sachs and Bank of New York Mellon — Thursday, after the rating agency concluded that the government has become less likely to bail out big firms. "The lower credit ratings could raise the cost of capital for the banks, many of which were already downgraded by Moody's following another major review undertaken last year," the FT reports. Wall Street...

To set monetary policy and function as a lender of last resort, the Board of Governors must have the expertise to understand the operations and condition of financial institutions.

Receiving Wide Coverage ... Oh, JPM: JPMorgan Chase has officially cancelled its terrible idea/Twitter takeover with vice chairman Jimmy Lee after the open invitation to #AskJPM questions on the social media site backfired. Profusely. ("Right when the engagement numbers were through the roof?!" tweeted Forbes' Alex Konrad in response to the cancellation.) "The original idea — which had been kicked around the firm over the last few weeks … was to come up with an out-of-the-box…