Goldman Sachs CEO confirms the bank ‘never had plans’ to open a crypto trading desk

Goldman Sachs chief David Solomon has categorically denied claims that the bank had plans to launch a cryptocurrency trading desk

Goldman Sachs CEO David Solomon has denied reports claiming that the firm had plans to launch its own cryptocurrency trading desk.

The 57-year-old, who became Goldman Sach’s Chief Executive Officer in October 2018, was speaking at the House of Representatives Financial Services Committee on Wednesday, with the hearing focused on “Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 years after the Financial Crisis”.

During the height of the cryptocurrency bull run in 2017, Bloomberg reported that Goldman Sachs had plans to set up a cryptocurrency trading desk, but this has now been refuted by Solomon.

“The first [Bloomberg article] wasn’t correct. Like others, we are watching and doing work to try to understand the cryptocurrency market as it develops. But we never had plans to open a cryptocurrency trading desk,” he said.

While the Goldman Sachs chief denied his firm ever had plans of launching a trading desk, he didn’t rule out the possibility of launching one “at some point in time”, citing a lack of regulatory frameworks as a potential stumbling block.

“We might at some point in time, but there’s no question, when you’re dealing with cryptocurrency, it’s a new area,” he said.

“It is unclear from a regulatory perspective, it’s unclear whether […] in the long run, as a currency, those technologies are going to work and be viable.”

There were also reports in October last year claiming that Goldman Sachs was “all set” to team up with Bakkt on the upcoming Bitcoin futures product.

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