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Market Musings

Bitcoin Regulation Faces a 'Big Evolution,' Goldman Sachs CEO Predicts

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Published on:
April 7, 2021

The head of the banking giant also confirmed that the company is thinking about digital currency 'in a very proactive way.'

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Goldman Sachs CEO David Solomon has predicted that there will be a “big evolution” in the way Bitcoin is regulated.

 

Speaking to CNBC, the head of the banking giant also confirmed that the company is thinking about digital currency “in a very proactive way” — and is determined to ensure that it can cater to growing interest for crypto among its clients.

 

According to Solomon, “significant regulatory requirements” are currently standing in the way of Goldman Sachs being able to transact in cryptocurrencies. Some crypto executives, such as Ripple’s Brad Garlinghouse, have been left exasperated by the lack of clarity offered by U.S. bodies.

 

A Lot of Talk, But Little Action 

There have been endless rumblings about Bitcoin regulation in recent years. Back in January, European Central Bank President Christine Lagarde called for a clampdown on the world’s biggest cryptocurrency… and said that it is used for “funny business.”

 

Last November, JPMorgan’s chief executive Jamie Dimon also warned that the U.S. will take action if Bitcoin’s market cap if it gets any bigger, saying:

“My experience of the government is that they can regulate whatever they want, whenever they feel like it.”

At the time, Bitcoin’s market cap stood at about $330 billion. Fast forward to now, and it has more than trebled to $1.07 trillion.

Author(s)

Connor Sephton

I cover the crazy world of crypto.

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