First reported by Business Insider, Goldman Sachs has decided to put a hold on plans to open a cryptocurrency trading desk, which would include bitcoin, according to their sources familiar with the matter.
As the article puts it, “Even Goldman Sachs, the Wall Street behemoth that trades in markets’ most esoteric assets, can’t find a way to trade bitcoin,” due to the regulatory framework that exists for trading cryptocurrencies.
Fox Business explains that “the bank is dropping its plan due to an ambiguous regulatory environment with too many steps required to be taken, many of which are outside of the banks control, before a regulated bank could trade cryptocurrencies.”
Due to the inability to navigate the present framework involved to open a trading desk for cryptocurrencies, this project has been moved down on their priorities list. In its place, the bank will now focus more on their other projects such as custody for crypto funds.