The cryptocurrency industry reaches a defining moment as Goldman Sachs CEO David Solomon publicly declares the investment banking giant’s willingness to explore spot Bitcoin and Ethereum trading — provided U.S. regulations evolve under the incoming administration. The announcement, delivered at the Reuters Next conference on December 11, 2024, sends a powerful signal through both traditional finance and digital asset markets.
TL;DR
- Goldman Sachs CEO David Solomon says the firm would evaluate spot Bitcoin and Ethereum trading if U.S. regulations change
- Current laws prohibit the bank from directly participating in crypto spot markets
- Goldman Sachs has already joined BlackRock’s Bitcoin ETF as an authorized participant alongside Citi, UBS, and Citadel
- The firm launched a crypto desk in 2021 and has tested blockchain solutions including the Canton Network
- Ripple receives NYDFS approval for its RLUSD stablecoin, while Microsoft shareholders reject a Bitcoin treasury proposal
Goldman Sachs CEO Breaks Silence on Crypto Trading Ambitions
Speaking at the prestigious Reuters Next conference, David Solomon addresses the question that has lingered over Wall Street for years: when will the biggest banks enter cryptocurrency trading directly? His response reflects both cautious optimism and genuine frustration with the current regulatory framework.
“If the regulatory structure changes, we would evaluate that, but at the moment we’re not permitted to,” Solomon states when asked specifically about spot Bitcoin trading. The acknowledgment carries significant weight coming from the leader of one of the world’s most influential financial institutions, with Goldman Sachs managing over $2.5 trillion in assets.
Solomon’s comments reflect a broader shift in institutional sentiment. While he acknowledges growing interest in digital assets, he also warns about their speculative nature — a balanced stance that characterizes Goldman Sachs’ measured approach to the crypto sector.
Authorized Participant Role Already in Motion
Behind the scenes, Goldman Sachs has already deepened its involvement in the crypto ecosystem. The bank, alongside Citi, UBS, and Citadel, has joined JPMorgan and Jane Street as authorized participants for BlackRock’s iShares Bitcoin Trust (IBIT). As authorized participants, these institutions are responsible for acquiring the underlying bitcoin to create and provide liquidity for ETF shares — a role that puts them at the very center of the spot Bitcoin ETF infrastructure.
Bloomberg senior ETF analyst Eric Balchunas speculates that these institutions may have been quietly providing liquidity for the ETFs for some time but were reluctant to publicize their involvement due to the crypto industry’s perceived stigma. The recent success of spot Bitcoin ETFs — which have attracted billions in inflows since launching in January 2024 — appears to have shifted perspectives dramatically.
Blockchain Infrastructure Development Continues
Goldman Sachs’ interest in digital assets extends well beyond trading. The firm launched a dedicated crypto desk in 2021 and has since tested blockchain solutions including the Canton Network, a privacy-focused blockchain designed for institutional clients. The Canton Network represents a significant step toward integrating distributed ledger technology into traditional financial infrastructure, enabling private, interoperable transactions across institutional networks.
This dual approach — exploring both the trading and infrastructure sides of blockchain technology — positions Goldman Sachs to capitalize on multiple vectors of crypto adoption simultaneously.
Ripple Stablecoin Wins Regulatory Approval
In a parallel development that underscores the accelerating pace of crypto regulation, Ripple Labs receives approval from the New York Department of Financial Services to launch its RLUSD stablecoin. The approval represents a remarkable regulatory victory for a company that has spent years battling SEC enforcement actions.
Ripple CEO Brad Garlinghouse announces the approval on social media, stating that “exchange and partner listings will be live soon.” The RLUSD stablecoin has already been tested on both the XRP Ledger and Ethereum networks, positioning Ripple to compete directly with Tether and Circle in the stablecoin market.
Microsoft Shareholders Reject Bitcoin Treasury Proposal
Not all institutional news favors cryptocurrency adoption on December 11. Microsoft shareholders vote overwhelmingly against a proposal to add Bitcoin to the company’s treasury reserves. The proposal, introduced by the National Center for Public Policy Research (NCPPR), is rejected with 99.45% of shareholders voting against it — a decisive rebuke that highlights the ongoing divide between crypto enthusiasts and corporate traditionalists.
Despite this setback for direct corporate adoption, the broader trend remains firmly positive. MicroStrategy, the largest corporate Bitcoin holder, is expected to officially join the Nasdaq 100 index on December 23, bringing indirect Bitcoin exposure to millions of investors through index-tracking ETFs. Analysts estimate approximately $2.1 billion in MSTR shares will be purchased by index funds reflecting its 0.47% weight in the benchmark.
Coincheck Debuts on Nasdaq
The day also marks a milestone for the crypto exchange sector as Japanese exchange Coincheck begins trading on Nasdaq, becoming one of the few cryptocurrency platforms to list on a major U.S. stock exchange. The listing reflects growing mainstream acceptance of crypto businesses within traditional capital markets.
Why This Matters
Goldman Sachs’ public openness to crypto trading, combined with its existing role as a Bitcoin ETF authorized participant, signals that the walls between traditional finance and digital assets continue to crumble. The regulatory clarity that Solomon describes as a prerequisite may come sooner than expected, given the incoming administration’s pro-crypto stance and President-elect Trump’s pledges to support Bitcoin adoption. When Goldman Sachs eventually enters spot crypto trading, it will bring institutional credibility, massive liquidity, and millions of clients who have previously had no direct path to digital asset exposure. The convergence of Wall Street infrastructure and blockchain technology is no longer a question of if, but when.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making investment decisions.
Goldman Sachs with 2.5 trillion in assets says they want to trade spot btc. the dam is breaking on institutional crypto whether regulators like it or not
Goldman joining BlackRock ETF as an authorized participant alongside Citi and UBS is the detail nobody focuses on. They are already in, just through the ETF backdoor.
^ Goldman has been testing blockchain solutions since 2021 with the Canton Network. This Reuters Next comment from Solomon is just the public version of what they have been building toward for years.
Ripple getting NYDFS approval for RLUSD while Microsoft shareholders vote down a btc treasury proposal in the same week. Mixed signals but the stablecoin space is heating up fast.