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Goldman Sachs Chief Executive Officer David Solomon thinks that Bitcoin and other digital currency will soon experience a “big evolution,” as he is anticipating developments with regards to regulations in the United States.
The CEO made the comments today during an interview with CNBC. Solomon did not reveal much about what Goldman Sachs is doing when it comes to Bitcoin and suggested that the current regulatory landscape in the US (or the lack of it) prevents them from moving all-in. Nonetheless, Goldman is keeping a close eye on crypto as its clients demand exposure.
“We continue to think about digital currency and the digitization of money in a very proactive way,” he said and added that there are “significant regulatory requirements” concerning a move towards handling cryptocurrencies. Goldman Sachs have recently started offering crypto related products to its wealth management clients, and earlier in the year made their return by reopening its its cryptocurrency trading desk.
When asked if he would like to act as a principal with crypto services, and whether lobbyists in D.C. are having any luck getting “the rules changed” that prevent Goldman from doing so, Solomon answered: “I think that this is a space that is evolving, this is a space that we’re trying to be responsive to our clients. I think there will be a big evolution with how this evolves in the coming years.”
He further said that the bank is very much engaged with its clients and is keeping a close eye on developments to see how to move forward.
There is no doubt that Goldman Sachs’ clients will be able to get some exposure to Bitcoin, for now it is just the question of “how”. Last month, the bank filed an application with the U.S. Securities and Exchange Commission (SEC) regarding ETF linked notes that follow the ARK Innovation ETF. This ETF offers indirect exposure to companies that are working with disruptive and emergent technologies such as blockchain.