In anticipation of regulatory developments in the US, Goldman Sachs is preparing to boost its investments in the crypto sector.
Goldman Sachs' Plan
David Solomon, CEO of Goldman Sachs, has revisited the topic of cryptocurrencies and the new opportunities presented by Donald Trump's election in the US. Current regulations in the country limit banks' ability to gain direct exposure to crypto assets like Bitcoin and Ethereum, but the "revolution" promised by the new president is expected to change the landscape.
For this reason, Goldman Sachs is gearing up for the anticipated regulatory changes under the new administration, enabling the financial giant to fully (and directly) enter the crypto market.
"For the time being, our ability to operate in these crypto markets is extremely limited from a regulatory perspective," Solomon told Reuters. He emphasized the need for new rules that would allow for "direct investments in Bitcoin and Ethereum."
Trump's Push Is Unstoppable
Being excluded from this market would be ironic for an institution that has already extensively explored digital activities. Goldman Sachs holds significant stakes in spot Bitcoin ETFs, amounting to approximately $718 million ($461 million in IBIT alone), according to its most recent SEC filing on November 14.
The direction of the new Trump administration, even though it has yet to assume office, seems evident. The appointment of Paul Atkins as head of the SEC is a clear sign of the new president's pro-crypto stance, and numerous indicators suggest that Trump himself is enthusiastic about Bitcoin's potential growth under his leadership.
What do you think?
By Gue22 🌐🚀