Crypto Trading: CEO Of Goldman Sacks Denies Plans

CEO Of Goldman Sacks Denies Plans

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David Solomon denies without doubts of any involvement or plans by the bank to launch a crypto desk. According to David, he has been at the leadership peak of the institution since last year October. Until now he hasn’t heard of such plans. His reactions were as a result of comments made in the Financial Services Committee at the beginning of this week.

Solomon had gone to a hearing tagged “Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 years after the Financial Crisis” It was during the hearing that comments about the trading plans were presented to the U.S House of Reps Financial Service Committee.

The implications of this denial by the CEO contradicts all the unconfirmed reports and rumors about Goldman Sacks crypto interest. Let’s remember that this company is amongst the biggest shots in the financial industry. As such, rumors about their plans to create a crypto trading desk didn’t take long to circulate. We first heard about the plans in an article which Bloomberg published in the last month of 2017. This was a time when Bitcoin and other altcoins were booming. From what the article revealed, the financial mogul was to launch the desk last year summer being 2018.

Previous News About Goldman Sacks Crypto Plans

To at least support what the CEO said, let’s recall that Business Insider revealed that someone mentioned something different. According to them in 2018 September, a source said that the project would no longer proceed as of then. After the leak about the project hold, the Chief Financial Officer of Goldman Sacks, Martin Chavez made a statement. Martin stated that such reports were fake news.

Well, the then CEO of the company Lloyd Blankfein didn’t say much about the whole saga. However, he made a statement enumerating that Bitcoin trading was not for him. Also, according to Llyod experience has taught him that many things he dismissed as not for him, finally succeeded.

Well, Solomon mentioned in the hearing that the bank had had dealings with many of their clients who clear crypto futures. As for the plans to establish a trading desk, the CEO still maintained his statement about it.

USA Uncertainty Over Crypto Trading

As of now, the United States of America is still is a dilemma because they don’t know how to handle cryptocurrencies. At least from the side of the law. They have been debating on what to tag digital coins; whether they are currencies or assets. Meanwhile, the low level of fluctuations which these coins experienced in 2018 was very impressive. It made people more interested as they expect that cryptos as assets will one day become a possibility.

Moreover, the hope for cryptocurrency in the US rose a bit higher during the questioning of the Goldman Sacks CEO. Warren Davidson, an Ohio Republican Congressman who was in charge of questioning Solomon, opened up about his personal beliefs. According to him, the USA should stop playing safe and start taking advantage of cryptocurrencies.

Better future For Cryptocurrencies

We are hopeful that the interest of big shots in the crypto industry will be favorable in the future. If these large financial institutions are already thinking along the line of the crypto vision, the future will be better. Maybe, legitimizing cryptocurrencies will be sooner than we thought.

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About Ali Raza

A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.