US bankers cautious on crypto despite expected regulatory easing
Trump courted crypto campaign dollars with promises to be a «crypto president» and end the Biden administration's crackdown on the sector, but banks are nevertheless unlikely to rush head-first into the volatile asset, bankers said.
«The regulatory framework has to evolve… and everyone's speculating as to how that regulatory framework will evolve, but it's still unclear,» said Goldman Sachs Chief Executive David Solomon.
If the rules change, the Wall Street giant would «evaluate» dealing in top cryptocurrencies like bitcoin and ethereum, he said. «But for the moment… our ability to act in these markets is extremely limited,» he added, noting cryptocurrencies were speculative assets.
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View Details»BNY recently began offering custody of cryptocurrencies held by exchange-traded products, and the bank is also investing in a range of digital asset services, its CEO, Robin Vince, said. But anything new needs to be done with appropriate guard rails and be «battle-tested» through a few macroeconomic cycles, he said.
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