Goldman Sachs Eyes Bitcoin and Ethereum with Regulatory Shift
The CEO of Goldman Sachs has confirmed that the investment bank is open to getting involved with cryptocurrencies if the regulatory environment changes under President Donald Trump.
According to the CEO, US regulations should be more favorable for the asset manager to enter the crypto market.
The CEO of Goldman Sachs asked for a change in the regulations
Speaking at a Reuters conference, CEO David Solomon said on Tuesday that the current regulatory framework must be improved so that the company can invest directly in Bitcoin and Ethereum. He added that there is now a lot of attention around the crypto space, but it is still unclear how the rules will change under the new administration.
“For now, our ability to operate in these (crypto) markets is very limited in terms of regulation,” the CEO said.
Although Goldman Sachs researches digital assets, it explained that as a regulated financial institution, it cannot currently buy or sell cryptocurrencies such as Bitcoin or Ethereum.
However, the company also has significant holdings in Bitcoin ETFs. According to a filing with the Securities and Exchange Commission as of Nov. 14, Goldman Sachs holds about $718 million in eight ETFs. The bank invested $461 million in the BlackRock Bitcoin ETF and others.
Goldman Sachs CEO David Solomon's comments come as President-elect Donald Trump promises a crypto-friendly government.
With the choice of crypto activist Paul Atkins as the head of the SEC, it seems that the president is keeping his promise. The SEC is now more likely to adopt a friendly approach to crypto investors.
Meanwhile, Axios' sources say Donald Trump clearly “loves” Bitcoin to grow and spend $150,000 after taking office.
“It's just another stock market for him. Trump would have loved to see bitcoin hit $150,000 early in his presidency,” a senior transition source said.
This comes after Trump took credit for Bitcoin's meteoric rise above $100,000 last week.
“Congratulations Bitcoiners! $100,000! No way!!!” Trump posted.
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