One of the biggest banks on Wall Street sees a major evolution in the future of cryptocurrency regulations in the US.
Goldman Sachs CEO David Solomon explained in a recent interview that the bank will continue to cater to its clients’ bitcoin needs as interest in cryptocurrency grows.
US cryptocurrency regulations are among the most advanced globally. Regulators such as CFTC, SEC, and IRS showed great interest in the industry. However, according to Solomon, there is still a long way to go. Speaking to CNBC’s Squawk Box program, Solomon blamed the restrictive regulations for the reason his bank didn’t offer more Bitcoin products.
“We have significant regulatory restrictions around us and principally we move around cryptocurrencies like Bitcoin. However, we can help customers make it easier for them to store digital assets, and as our customers demand to be involved, we continue to find ways we can support them. ”
On whether the bank is struggling to reduce these restrictions, Solomon pointed out that the cryptocurrency industry is evolving and rapidly evolving:
“I think this is a developing field. […] I think there will be a major evolution in the coming years. ”
Goldman Sachs is one of the last Wall Street giants to enter the Bitcoin space. The bank plans to offer Bitcoin investment products in the second quarter. The bank’s new head of digital assets stated that the products came after customer demand for Bitcoin investment services.
Firms like Goldman Sachs want to take Bitcoin to mainstream investors, and regulations are critical at this point. The current regulatory framework is restrictive and prevents many firms from direct engagement. However, this will change soon, according to former SEC chief Jay Clayton. In a recent statement to CNBC, Clayton stated that he is confident that the regulation will come to this area both directly and indirectly.