According to reports, the CEO of Wall Street giant Goldman Sachs has said that his investment bank will not dive into cryptocurrency without regulatory approval.
David Solomon, according to Reuters says that US regulation needs to be changed before the bank is able to start trading and holding crypto assets.
Solomon says during an interview with Reuters NEXT in New York.
You should ask the regulators that question. As a regulated financial institution, at the moment we are not permitted to hold a crypto currency like Bitcoin.
“We give advice to our clients on a range of technologies and issues, and we will do so in the future. However, our regulatory ability to intervene is very limited at this time.”
Solomon’s announcement comes at a time of growing interest in financial products that are crypto-focused. BlackRock has now outpaced its Gold ETF by 19 years, despite having a larger Bitcoin exchange-traded funds.
After Donald Trump’s victory in the election of November, the crypto market will also explode. President-elect Donald Trump has promised to introduce policies which will strengthen crypto self-custody, and boost the growth of this industry.
Trump has also appointed crypto-friendly Scott Bessent and Paul Atkins to the positions of Treasury Secretary and U.S. Securities and Exchange Commission Chair, which are regarded as a sign that the U.S. government is about to change its stance towards digital assets.
Subscribe for email alerts to avoid missing a beat
___________________
Please follow us at X@InvCryptoDaily
___________________
Images Can Be Found on Pixabay Creative Commons & Midjourney
The post Goldman Sachs’ David Solomon says that before banks can consider crypto, they need to change their regulations. Report is subject to modification as new information becomes available.
