Goldman Sachs CEO David Solomon says that big evolution is coming to Bitcoin regulation, expecting the digital currency world will experience a huge evolution as we read more in our BTC news today.
Solomon noted:
“We continue to think about digital currency and the digitization of money in a very proactive way.”
The Goldman Sachs CEO expects the digital currency world to see a big evolution with current regulations preventing the banks from acting as a principle around crypto. David Solomon said that he thinks the BTC and digital currency world will experience a huge revolution regarding the regulations in the United States. He made the comments during an interview with CNBC but he didn’t reveal much about what Goldman Sachs was doing when It comes to BTC which only suggests that the regulatory landscape in the US prevents banks from doing so. Solomon did make it clear that Goldman is keeping a close eye on crypto because of the growing client demand:
“We continue to think about digital currency and the digitization of money in a very proactive way.”
He added that there are plenty of regulatory requirements concerning a move to handling crypto as Goldman Sachs plans to begin offering BTC investment products to its wealthy clients by recently announcing the reopening of the crypto trading desk. When asked if he will act as the principal with crypto services and can we see the rules changing, 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.”
Regulations regarding BTC and other cryptocurrencies are still complicated as different government agencies are pursuing contradictory and competing positions on these assets. the SEC for example is trying to regulate the trading of securities and claims authority over most tokens that are based on ETH and sold in the US to raise funds for startups. The CFTC on the other hand oversees the market for BTC derivatives like futures and options contracts on exchanges like CME and Bakkt.
Goldman Sachs will expose its clients to BTC in one way or another as the company filed an SEC application for a new investment product that tracks the ARK Innovation ETF. The bank is also the latest institution to show interest in digital assets.
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