Goldman Sachs Considers Entering the Crypto Market
Goldman Sachs CEO David Solomon has stated that the company might explore BTC and ETH spot trading if regulatory conditions in the U.S. improve.
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Goldman Sachs CEO David Solomon has stated that the company might explore BTC and ETH spot trading if regulatory conditions in the U.S. improve.
Speaking at the Reuters Next conference, David Solomon highlighted that the company’s limited involvement in cryptocurrency markets is due to existing regulatory constraints.
Goldman Sachs CEO David Solomon. Source: ВВС
I do think that these technologies are addressing, and they’re getting a lot of attention at the moment because there’s a view that the regulatory framework is going to evolve as we go forward differently than it seemed like it was evolving under the last administration,
Solomon said.
He noted that the exact trajectory of these regulatory changes remains unclear.
When asked about the possibility of establishing “markets in Bitcoin,” Solomon reiterated that the company is restricted by current regulations.
If the regulatory structure changes, we would evaluate that, but at the moment we’re not permitted to,
he emphasized.
Despite this cautious stance, Solomon reiterated his skepticism about Bitcoin, describing it as a “speculative asset.” However, he acknowledged the continued high demand for cryptocurrencies from clients. Goldman Sachs previously reported renewed interest in crypto products, particularly from hedge funds.
These assets, bitcoin for example, you know these are speculative assets at the moment. But people are very interested in them. I understand why,
Solomon said.
It’s worth noting that Goldman Sachs attempted to launch a cryptocurrency trading division in 2021. The company also participated in testing the Canton Network, an interoperable platform for institutional assets.
Solomon's recent comments starkly contrast the company’s earlier stance. In spring 2024, Sharmin Mossavar-Rahmani, Chief Investment Officer of Goldman Sachs Asset Management, stated that the bank had no plans to offer crypto services, citing a lack of client demand at the time.
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