David Solomon, CEO of Goldman Sachs.
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- David Solomon, CEO of Goldman Sachs, expects a “big change” in the way the US government regulates digital assets.
- He said the bank is looking for ways to support customer demand for crypto.
- Current U.S. regulatory laws are unclear about how financial institutions can treat digital assets.
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David Solomon, CEO of Goldman Sachs, said he expected a profound change in the way the U.S. government regulates Bitcoin and other digital assets.
“I think there will be a lot of development in how this will play out in the years to come,” he said on CNBC’s Squawk Box on Tuesday.
“I’m not going to speculate on where the rules for regulated financial institutions will go, but we will continue to find ways to serve our customers as we move forward.”
His remarks echo former SEC chairman Jay Clayton, who recently told CNBC that the environment for crypto regulation needs a “shift.”
Solomon said Goldman had been proactively thinking about digitizing money, taking into account the needs and demands of customers.
“There are significant regulatory constraints around us and we act as a principle for cryptocurrencies like Bitcoin. However, we can help clients make it easier for custodians in digital assets,” he said.
He added that the bank was focused on how to support the demand for participation in space. “That’s the lens we really look through.”
Current US regulations consider cryptocurrencies to be a very volatile asset class, but there are no clear rules as to whether they can be treated as securities.
A group of lawmakers last month passed laws clarifying the regulation of digital assets in the country.
Under the proposed legislation, a committee of US regulators will assess issues related to investor protection, custody, private key management and cybersecurity within a year.
Mary Rich, Goldman’s global director of digital assets, told CNBC last week that the bank’s private wealth management division was on the verge of offering Bitcoin exposure to clients with portfolios of $ 25 million or more.
This could happen as early as the second quarter of 2021, she said.