Goldman Sachs CEO David Solomon: Bank May Explore Becoming a Spot Market Maker for Cryptocurrencies
Regulatory Clarity Needed for Goldman Sachs to Enter Cryptocurrency Market
Goldman Sachs Group Inc. GS CEO David Solomon stated at the Reuters NEXT event that the investment bank is considering becoming a spot market maker for major cryptocurrencies like Bitcoin and Ethereum. Solomon highlighted the importance of regulatory clarity in enabling the bank to engage in spot trading of digital assets.
Regulatory Hurdles Limit Current Participation
Solomon explained that existing regulatory restrictions pose obstacles for Goldman Sachs to actively trade Bitcoin and Ethereum. He emphasized the need for regulatory approval to allow the bank to take on a more significant role in the cryptocurrency market.
Goldman Sachs Investments in Bitcoin and Ethereum ETFs
The bank disclosed substantial investments in Bitcoin and Ethereum exchange-traded funds (ETFs) in its recent 13F filing. Goldman Sachs has allocated significant capital to digital assets, with plans to expand its presence in the blockchain space through the creation of an independent digital assets platform.
Future Plans for Market-Making Services
If regulatory conditions permit, Solomon expressed interest in evaluating the possibility of offering market-making services for Bitcoin and Ethereum. He underscored the bank’s readiness to leverage its extensive infrastructure to facilitate trading in digital assets, pending regulatory approval.
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