CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
crypto.news 2024-12-10 18:40:34

Goldman Sachs open to Bitcoin, Ethereum market

Goldman Sachs is open to expanding its Bitcoin and Ethereum participation in a more accommodating regulatory environment. Goldman Sachs CEO David Solomon stated that the legacy financial institution would consider a broader presence in Bitcoin ( BTC ) or Ethereum ( ETH ) markets if authorized by U.S. regulators, according to an interview at a Reuters event . The bank, along with several other traditional finance giants, has historically avoided cryptocurrencies and blockchain assets, citing concerns over volatility and rampant scams in the industry. However, sentiment has shifted significantly in 2024, especially following the Securities and Exchange Commission’s approval of crypto exchange-traded funds. Observers anticipate larger institutional adoption of digital assets, particularly after the re-election of President Donald Trump. You might also like: Coinbase exploiter flexed crypto and a monkey after $16m heist Despite Solomon’s recent crypto comments, Goldman Sachs was involved in blockchain currencies at press time. The bank plans to launch a digital assets business to fast-track crypto adoption and announced forays into asset tokenization with three projects. Also, Goldman Sachs had bought $710 million worth of spot BTC ETF shares as of mid-November 2024. While nearly $1 billion in Bitcoin ETF investments represents a significant figure, it remains a small portion of the total spot BTC complex and Goldman Sachs’s $3 trillion in assets under management. More regulatory bandwidth for cryptocurrencies and digital assets products for direct larger capital inflows to the young blockchain ecosystem. Yet, the needed regulatory permissions inferred by Solomon’s remarks are unclear. Bitcoin and Ethereum are recognized as commodities by the SEC and the Commodity Futures Trading Commission. The statement from Goldman Sachs’ CEO suggested that TradFi titans may require clear federal laws, like legislation for a national Bitcoin reserve, before deploying weight behind Bitcoin and Ethereum. Read more: Goldman Sachs plots crypto platform launch

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.