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U.S. bankers have expressed ongoing caution toward cryptocurrencies, despite expectations that President-elect Donald Trump’s administration will usher in friendlier regulations for the digital asset class. Speaking at the Reuters NEXT conference in New York this week, prominent financial executives reiterated that while regulatory changes may create opportunities, their institutions remain cautious about fully embracing the volatile crypto market. David Solomon, CEO of Goldman Sachs, acknowledged the potential for regulatory changes under the new administration but emphasized that the landscape remains uncertain. “The regulatory framework has to evolve… but it’s still unclear,” Solomon said, noting that while Goldman Sachs may consider entering the crypto space, its involvement would be contingent on regulatory clarity. “For the moment, our ability to act in these markets is extremely limited,” he added, describing cryptocurrencies as speculative assets. Source: X The cautious tone was echoed by Robin Vince, CEO of Bank of New York Mellon (BNY Mellon), who highlighted the importance of establishing robust regulatory “guard rails” before advancing into new digital asset services. Vince pointed to the need for these regulations to be “battle-tested” through several macroeconomic cycles before they are fully implemented. “We’ve seen a couple of cycles already in crypto, and we’ll have to see how some of these assets evolve,” he stated. Regulatory Easing Under Trump There is optimism in the cryptocurrency sector due to Trump’s pro-crypto position, which includes pledges to lift some of the previous administration’s regulatory constraints. It became more challenging for banks to keep cryptocurrency tokens and provide associated services, such as custody, under President Joe Biden’s administration. However, Trump has signaled a shift with plans to ease regulatory pressure. In a momentous move, President Trump just selected Paul Atkins, a seasoned Washington attorney with a pro-crypto track record, to lead the Securities and Exchange Commission. Trump has…

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Filed under: News - @ December 13, 2024 10:21 am