The CEO of Wall Street titan Goldman Sachs reportedly says the investment bank will not dive into crypto without regulatory approval.
According to Reuters, David Solomon says US regulations need to change before the bank can start holding and trading crypto assets.
Says Solomon during an interview at the Reuters NEXT conference in New York:
“That is a question you should ask supervisors. Currently, as a regulated banking institution, we are not allowed to own cryptocurrency such as Bitcoin as a principal.
We provide advice to our clients on a variety of these technologies and these issues and will continue to do so, but at this time our ability to trade in these markets is extremely limited from a regulatory perspective.”
Solomon’s statement comes amid growing interest in crypto-focused financial products. Investment giant BlackRock’s Bitcoin (BTC) exchange-traded fund is now larger than its gold exchange-traded fund, despite the latter’s 19-year lead.
The crypto market is also expected to explode following Donald Trump’s victory in the November elections. The president-elect pledged to implement policies that will strengthen cryptocurrency self-control and enhance the industry’s growth.
Trump also chose crypto-friendly Scott Bessent and Paul Atkins as Treasury Secretary and chairman of the US Securities and Exchange Commission (SEC), seen as an early sign of a coming shift in the government’s stance on digital assets.
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