Goldman Sachs CEO Says the Company Never Had Plans for Crypto Trading Desk

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David Solomon, the CEO of investment banking giant Goldman Sachs, says the company never intended to open a cryptocurrency trading desk

David Solomon, the CEO of investment banking giant Goldman Sachs, says the company never intended to open a cryptocurrency trading desk, refuting multiple reports on the matter. Solomon made the statements during a hearing before the U.S. House Committee on Financial Services held on April 10.

The hearing, which included the CEOs of seven major U.S. banks, was focused on U.S. global systemically-important banks (G-SIBs) a decade after the last financial crisis, discussing questions such as accountability, regulations, capital rules and other topics. The hearing even touched on cryptocurrency.

David Solomon referenced a Bloomberg article from December 2017, and said that it contained inaccurate information:

“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.”

Solomon did not rule out Goldman Sachs launching a crypto trading desk in the future, but stressed regulatory uncertainty and concerns about the long-term viability of cryptocurrencies as important issues that are yet to be addressed.

In September of 2018, Goldman Sachs CFO Martin Chavez said the bank was exploring offering Bitcoin-based “non-deliverable forward” products due to client demand. He explained these types of products are “over the counter derivatives, they’re settled in U.S. dollars and the reference price is the bitcoin-U.S. dollar price established by a set of exchanges”.

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