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Goldman Sachs CEO predicts what Bitcoin regulation looks like

Botsfolio

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19 April , 2021

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Speaking with CNBC, David Solomon, CEO Goldman Sachs stated, “We continue to think about digital currency and the digitization of money in a very proactive way, and in that context, we are engaged with our clients, and we look at all this through the centricity of ‘what do our clients need? The current U.S. restrictions surrounding financial institutions forbid them from offering direct exposure to volatile and risky asset classes such as Bitcoin.

Due to these regulations, which deem crypto as a high-risk asset class, financial institutions can only offer exposure to crypto in the form of custody positions in digital assets such as securities or exchange-traded funds.”

Additionally, Solomon stated,” I think there will be a big evolution. As to how this evolves in the coming years, we operate in the rules we have. I’m not gonna speculate on where the rules will go for regulated financial institutions, but we’re gonna continue to find ways to serve our clients as we move forward.”

Goldman Sachs announced a week before that its private wealth management division is set to offer Bitcoin exposure to its premium rich clients with portfolios of $25 million or more. A “full-spectrum” of investment options in Bitcoin and other cryptocurrencies is due to roll in Q2 of this year.

The 2021 Bitcoin bull market saw Goldman Sachs reopen its cryptocurrency trading desk in March after the firm originally set it up during the 2017 bull run when Bitcoin hit $20,000 and then subsequently crashed. The bank also filed for an ETF that includes some Bitcoin exposure on March 26.

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