Goldman Sachs Chief Executive Officer (CEO) sees Bitcoin regulation as a’big evolution’.
David Solomon, CEO of Goldman Sachs, foreshadowed a major evolution in the way the U.S. government regulates cryptocurrencies.
According to Cointelegraph, a cryptocurrency media outlet on the 7th (local time), David Solomon, CEO of Goldman Sachs, predicted a’big evolution’ in the way the U.S. government regulates cryptocurrencies such as bitcoin in relation to financial institutions. .
In an interview with CNBC on the 7th, Solomon was asked about the banking community’s move to adopt Bitcoin (BTC). He said banks are paying close attention to digital currency amid growing demand for cryptocurrency exposure from customers. “We continue to think about digital currency and the digitization of money in a very proactive way, and in that context we have a relationship with our customers. And all of this in terms of’what do customers need?’ I think about it,” he explained.
Currently, US restrictions surrounding financial institutions prohibit direct exposure to volatile and risky asset classes such as Bitcoin. Because of this regulation, which considers cryptocurrency a high-risk asset class, financial companies can only provide exposure to cryptocurrencies in the form of trusts in digital assets such as securities or exchange trade funds.
However, Solomon predicts that the cryptocurrency space is evolving, and things will change over time. He said he didn’t want to speculate about what actually entailed, “I think there’s going to be a big evolution. As for how this will unfold over the next few years, we’re just running according to the rules we have. Regulated Finance. “We won’t speculate on where the institutional regulations will go, but we will continue to look for ways to serve our customers as we move forward.”