Trump courted crypto campaign dollars with promises to be a “crypto president” and end the Biden administration’s crackdown on the sector, but banks are nevertheless unlikely to rush headfirst into the volatile asset, bankers said.
“The regulatory framework has to evolve … and everyone’s speculating as to how that regulatory framework will evolve, but it’s still unclear,” said Goldman Sachs chief executive David Solomon.
BNY recently began offering custody of cryptocurrencies held by exchange-traded products, and the bank is also investing in a range of digital asset services, its CEO, Robin Vince, said. But anything new needs to be done with appropriate guard rails and be “battle-tested” through a few macroeconomic cycles, he said.
“We’ve seen a couple of cycles already in crypto. We’ll have to see how some of these assets evolve,” he added.
