Goldman Sachs Eyes Bitcoin and Ethereum with Regulatory Shift

Goldman Sachs CEO has confirmed that the investment bank is open to engaging with cryptocurrencies if the regulatory environment changes under President Donald Trump.

According to the CEO, US regulations need to be more conducive for the asset manager to enter the crypto market.

Goldman Sachs CEO Asks for a Change in Regulations

Speaking at a Reuters conference, CEO David Solomon said on Tuesday that the existing regulatory framework has to evolve so that the company can invest directly in Bitcoin and Ethereum. He added that there is a lot of attention around the crypto space now, but it is still unclear how the regulations will change under the new administration.

“For the moment, our ability to act in these (crypto) markets is extremely limited from a regulatory perspective,” the CEO said.

He further clarified that though Goldman Sachs has explored digital assets, as a regulated financial institution, it can not buy or sell cryptocurrencies like Bitcoin or Ethereum at the moment.

However, the company does own significant holdings in Bitcoin ETFs. According to a filing with the Securities and Exchange Commission from November 14, Goldman Sachs holds about $718 million in eight ETFs. The bank has made an investment of $461 million in BlackRock’s Bitcoin ETF, among others.

Goldman Sachs CEO David Solomon’s comments come as President-elect Donald Trump has promised a crypto-friendly government.

With his choice of crypto advocate Paul Atkins as SEC chief, the president seems to be staying true to his promises. The SEC is now more likely to adopt a friendlier approach towards crypto investors.

Meanwhile, Axios‘ sources have revealed that Donald Trump apparently “would love” for Bitcoin to keep rising and eventually pass $150,000 after he takes office.

“It’s another stock market for him. Trump would love for Bitcoin to hit $150,000 early in his presidency,” a top transition source said.

This was after Trump took credit for Bitcoin’s meteoric rise to an all-time high of $100,000 last week.

“Congratulations Bitcoiners! $100,000! You’re Welcome!!!” Trump posted.