The CEO of Wall Street titan Goldman Sachs reportedly says the investment bank is not diving into crypto without regulatory permission.
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’s a question you have to ask regulators. At the moment, as a regulated banking institution, we’re not allowed to own a cryptocurrency like Bitcoin as a principal.
We give our clients advice around a variety of these technologies and these issues and will continue to do that, but for the moment our ability to act 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 bigger than its gold exchange-traded fund despite the latter’s 19-year head start.
The crypto market is also anticipated to explode following the victory of Donald Trump in the November election. The president-elect promised to implement policies that will solidify crypto self-custody and bolster the growth of the industry.
Trump also picked crypto-friendly Scott Bessent and Paul Atkins as Treasury Secretary and U.S. Securities and Exchange Commission (SEC) chair, which is regarded as an early sign of an incoming shift in the government’s stance on digital assets.
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