Goldman Sachs hasn’t dropped crypto trading desk plans
Goldman Sachs hasn’t dropped plans to open a desk for trading cryptocurrencies.
According to sources that spoke with Business Insider, executives recently came to the conclusion that many steps still need to be taken, most of them outside the bank’s control, before a regulated bank would be allowed to trade cryptocurrencies.
However, it seems this is incorrect. And this story – originally called “Goldman Sachs drops crypto trading desk plans” – has been amended.
Goldman Sachs CFO Martin Chavez says recent reports about the company abandoning its plans to open a cryptocurrency trading desk are “fake news”. Fair enough.
Despite this, regulators across the globe have become a lot more interested in initial coin offerings (ICOs) and cryptocurrency exchanges. So some banks may still want clarity.
As an example in the US last year, the Securities and Exchange Commission (SEC) warned that some of the coins issued in ICOs could be considered securities, meaning trading them would have to comply with federal securities laws.
It’s not just that issue. In July, the SEC created a fake website to warn people about the dangers of initial coin offerings (ICO). It’s also been active in finding and charging owners involved in fraudulent ICOs.