The world of digital assets has had its fair share of ups and downs, with the intervention of the government as well as institutional players. Goldman Sachs, one of the largest banks in the United States, made a ripple in the cryptoverse after it was revealed that the organization was setting up its own cryptocurrency desk. However, emerging statements by the company’s officials suggest the contrary.
Goldman Sachs’ Chief Executive Officer, David Solomon stated that the company never had any plans to start a cryptocurrency desk, during a House of Representatives panel meeting. Solomon said,
“First, that Bloomberg article was not correct. Like others, we are watching and doing work to try and understand the cryptocurrency market as it develops. We have some clients that have certain functionality that we’ve engaged with on clearing physically settled futures, but other than that we never had plans to open a cryptocurrency desk.”
The Bloomberg article in question was published in December 2017 and said that “people close to the strategy” believed Goldman Sachs would launch the trading desk in June 2018, something that never materialized due to delays and other clashes. The CEO further said,
“We might at some point [explore a desk] in time, but no question when dealing with cryptocurrency it’s a new area, there are a lot of issues…unclear from regulatory perspective and it’s not clear in the long-run if those currencies will be viable.”
Solomon’s statements came during the House of Representatives meeting on the issue of “Holding Megabanks Accountable: A Review of Global Systematically Important Banks 10 years after the Financial Crisis.” The meeting comprised of not just officials from Goldman Sachs, but also from the six other megabanks in the United States. The main aim of the meeting was for banks to state their stance on the current economic situation and brief the committee about plans to improve the credit and debit situation so that the world does not repeat the 2008 financial catastrophe.
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