Goldman Sachs CEO David Solomon has said that he thinks the BitcoinBitcoin and digital currency world will soon experience a “big evolution,” particularly regarding regulations in the United States.
The head of one of the world’s biggest banks made the comments today during an interview with CNBC. He didn’t reveal much about what Goldman Sachs was doing when it comes to Bitcoin, suggesting that the current regulatory landscape in the US prevents the bank from doing so. But Solomon did make it clear that Goldman is keeping a close eye on crypto—due to growing client demand.
"There are significant regulatory restrictions around us and us acting as a principle around cryptocurrencies like #bitcoin," says $GS CEO David Solomon. "As our clients have demand to be involved in this space we can continue to find ways to support our clients." pic.twitter.com/plRxHqmbsI
“We continue to think about digital currency and the digitization of money in a very proactive way,” he said, adding that there are “significant regulatory requirements” concerning a move towards handling cryptocurrencies. Goldman Sachs plans to begin offering Bitcoin investment products to its wealth management clients, and it recently announced the reopening of its cryptocurrency trading desk.
When asked if he would like to act as a principal with crypto services, and whether lobbyists in D.C. are having any luck getting “the rules changed” that prevent Goldman from doing so, he said: “I think that this is a space that is evolving, this is a space that we’re trying to be responsive to our clients. I think there will be a big evolution with how this evolves in the coming years.”
He added that the bank was engaged with its clients and paying attention to regulations to see how to move forward.
Regulations regarding Bitcoin and other cryptocurrencies remain complicated, as different government agencies pursue competing and sometimes contradictory positions on these assets. The SEC, for example, regulates the trading of securities and claims authority over most Ethereum-based tokens that were sold in the US as a way to raise funds for startups. The CFTC oversees the market for Bitcoin derivatives, such as futures and options contracts on exchanges like Bakkt and CME.
Digital asset market-making firm GSR has appointed Trey Griggs as CEO of GSR Services USA, which is a subsidiary division of GSR’s global operation.
In the early days of his career, Griggs worked at Goldman Sachs’ J. Aron division alongside GSR founders Cristian Gil and Richard Rosenblum. He spearheaded the bank’s North American Energy Risk Management activities and established the Houston based Commodities Sales & Trading Office, which he led from 2011 to 2015.
Trey Griggs’s previous experienc...
Goldman Sachs will in one way or another expose its clients to Bitcoin. The firm last month filed an SEC application for a new investment product that tracks the ARK Innovation ETF—which is invested in the Grayscale Bitcoin Trust.
The bank is the latest institution to express an interest, even if still cautious, in digital assets. Major banks have differing opinions on decentralized cryptocurrencies and are careful on how to approach and invest in them.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
GameSquare, a digital media company with an Ethereum treasury strategy, said Thursday that it acquired a rare CryptoPunk NFT for $5.15 million worth of preferred shares.
The Ethereum-based NFT was previously owned by Robert Leshner, who founded the decentralized lending protocol Compound and now serves as CEO of crypto asset manager Superstate. His preferred shares can be converted into common stock at $1.50 per share, GameSquare said.
Featuring “Cowboy Hat” and “Ape” as traits, the CryptoPunk i...
BitMine Immersion Technologies' Ethereum token holdings have reached $2.1 billion, according to a Thursday statement from the company. It is the largest corporate Ethereum treasury.
The cryptocurrency mining firm holds 566,776 ETH, the most of any treasury company, according to data available from Ethereum treasury firms. Bitmine purchased the tokens at an average price of $3,643.752 per ETH, according to its statement.
Shares of the NYSE-traded company were changing hands at $43.20, up 9.3%, a...
Ethena Labs is preparing to debut its nearly $1.5 billion USDtb stablecoin in the U.S., less than a week after U.S. President Donald Trump signed a regulatory framework into law for stablecoins that is expected to grow consumer demand for the tokens.
The synthetic-dollar protocol is partnering with Anchorage Digital, a cryptocurrency bank, to issue USDtb in the U.S. It will use Anchorage Digital's stablecoin issuance platform—a turnkey solution for institutions that creates and distributes digi...