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Goldman Sachs chief executive David Solomon has predicted a massive shift in how US authorities regulate cryptocurrencies.

David Solomon, chief executive of the investment banking company Goldman Sachs, is convinced that the regulatory landscape in the US will soon see a big change. The American investment banker projected that crypto regulations will see a shift regarding financial institutions.

Solomon describes the change as a “big evolution” that will affect how regulatory bodies in the US regulate Bitcoin and other crypto assets. Speaking on the Squawk Box program on CNBC yesterday, the Goldman Sachs boss appeared to hint that the crypto regulatory environment would change to accommodate banking institutions.

Asked about the multinational bank’s plans in relation to adopting Bitcoin, Solomon explained that Goldman Sachs is closely monitoring digital currencies.

“We continue to think about digital currency and the digitization of money in a very proactive way, and in that context, we are engaged with our clients, and we look at all this through the centricity of ‘what do our clients need?”

Financial institutions in the US are, at present, barred from providing direct crypto exposure to clients as crypto-assets like Bitcoin are categorised in the high-risk asset class. For this reason, institutions are only allowed to offer exposure to digital assets indirectly e.g. as exchange-traded funds or securities.

Solomon predicted that this restriction would soon be lifted in some way since the cryptocurrency sector is advancing. However, he failed to speculate exactly how the regulations would evolve or what changes would be effectuated.

“I think there will be a big evolution. As to how this evolves in the coming years, we operate in the rules we have, I’m not gonna speculate on where the rules will go for regulated financial institutions, but we’re gonna continue to find ways to serve our clients as we move forward.”

Solomon’s remarks echo what was previously said by Jay Clayton, the US Securities and Exchange Commission’s former chairman, on the same program. Clayton averred that the regulatory landscape is bound to evolve soon and tipped that new crypto regulations are on the way.

Goldman Sachs has made headlines over the last few weeks as it continues with its foray into the crypto space. It recently revealed that its private wealth management division was working on offering Bitcoin exposure to wealthy clients with assets over $25 million. The bank also resumed operations of its cryptocurrency trading desk and filed for a Bitcoin ETF last month.

The post Goldman Sachs chief predicts changes in crypto regulation appeared first on Coin Journal.

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