{"id":220825,"date":"2021-04-07T08:51:47","date_gmt":"2021-04-07T05:51:47","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/goldman-sachs-ceo-believes-bitcoin-regulations-are-set-for-a-big-evolution\/"},"modified":"2021-04-07T08:51:47","modified_gmt":"2021-04-07T05:51:47","slug":"goldman-sachs-ceo-believes-bitcoin-regulations-are-set-for-a-big-evolution","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/goldman-sachs-ceo-believes-bitcoin-regulations-are-set-for-a-big-evolution\/","title":{"rendered":"# Goldman Sachs CEO believes Bitcoin regulations are set for a ‘big evolution’"},"content":{"rendered":"

“# Goldman Sachs CEO believes Bitcoin regulations are set for a ‘big evolution’ <\/strong>”
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David Solomon, CEO of Goldman Sachs has forecast a \u201cbig evolution\u201d in how the U.S. government regulates Bitcoin and other cryptocurrencies, in relation to financial institutions. <\/p>\n

In an interview with CNBC<\/a> today, Solomon was quizzed on the banking giant\u2019s moves to adopt Bitcoin. The CEO kept his cards close to his chest but conveyed that the bank is keeping a close eye on digital currencies, amid increasing demand for crypto exposure from its clients:<\/p>\n

\u201cWe 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 \u2018what do our clients need?\u2019.\u201d<\/p><\/blockquote>\n

The current U.S. restrictions surrounding financial institutions forbids 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 ETFs. <\/p>\n

However, Solomon noted the crypto space is evolving, and foresees this situation changing over time, but didn\u2019t want to speculate on what that actually entails:<\/p>\n

\u201cI 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.\u201d <\/p><\/blockquote>\n

The bank announced last weekth that Goldman\u2019s private wealth management division <\/a>is close to offering Bitcoin exposure to larger clients with portfolios of $25 million or more. A \u201cfull-spectrum\u201d of investment options in Bitcoin and other cryptocurrencies is set to roll in Q2 of this year. <\/p>\n

Former SEC chairman Jay Clayton also noted recently that regulatory environment surrounding crypto is due for a shakeup, using similar terminology to Solomon: <\/p>\n

\u201cWhere digital assets land at the end of the day [\u2026] will be driven in part by regulation\u2014both domestic and international\u2014and I\u2019m speaking as a citizen now, that regulation will come in this area both directly and indirectly whether it\u2019s through how these are held at banks, security accounts, taxation, and the like. We will see this regulatory environment evolve.\u201d<\/p><\/blockquote>\n

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 bullrun when Bitcoin hit $20,000 and then subsequently crashed. The bank also filed <\/a>for an ETF that includes some Bitcoin exposure on March 26.<\/p>\n