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The CEO of Goldman Sachs has confirmed that the investment bank is open to getting involved in cryptocurrency if the regulatory environment changes under President Donald Trump.
According to the company’s CEO, regulations in the US need to be more favorable for this asset manager to participate in the cryptocurrency market.
Goldman Sachs CEO calls for regulatory changes
Speaking at a Reuters conferenceCEO David Solomon said on Tuesday that the current regulatory framework needs to be improved for the company to be able to invest directly in Bitcoin and Ethereum. He said the cryptocurrency market is receiving a large amount of attention, but it is unclear how regulations will change under the new administration.
“Currently, our ability to operate in these (cryptocurrency) markets is extremely limited from a regulatory perspective,” the CEO said.
He further clarified that although Goldman Sachs has researched digital assets, as a regulated financial institution, the company cannot buy and sell cryptocurrencies such as Bitcoin or Ethereum at this time.
However, the company owns a large stake in Bitcoin ETFs. According to one report filed with the Securities and Exchange Commission on November 14, Goldman Sachs holds about $718 million in eight ETFs. The bank invested $461 million in BlackRock’s Bitcoin ETF, among others.
CEO David Solomon’s comments come as President-elect Donald Trump has promised a crypto-friendly government.
With the selection of Paul Atkins, a cryptocurrency advocate, to head the SEC, the president appears to be keeping his promise. The SEC is now likely to adopt a friendlier approach towards crypto investors.
Meanwhile, sources of Axios revealed that Donald Trump apparently “expects” Bitcoin to continue to rise and eventually surpass $150,000 after he takes office.
“It’s a different stock market for him. Trump desperately wants Bitcoin to reach $150,000 early in his presidency,” said a top transition source.
This comes after Trump took credit for Bitcoin’s sharp surge to an all-time high of $100,000 last week.
“Congratulations Bitcoin fans! 100,000 USD! You’re welcome, guys!!!” Trump posted.
General Bitcoin News
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