Goldman Sachs believes regulators should focus on crypto’s trusted, centralized entities – but not the blockchain.
According to Goldman’s note, the lack of existing rules for new financial instruments, like crypto, has created openings for widespread fraud greater than in other sectors. For example, fraud within the dot-com bubble at the turn of the century was relatively contained as it still took place within the equities market, which is well-regulated.The bank stated that cryptocurrencies are still likely to flourish, but only if lawmakers wisely choose which elements of the industry to regulate.
“This resolves the question of trust, the very thing regulation to safeguard investors would be intended for,” the bank said.last week that the bank had the intent to invest tens of millions of dollars in acquiring crypto companies in the wake of FTX’s collapse. Although investors are fleeing the sector and crypto companies are plummeting in value, the firm still sees potential in blockchain tech.
“I suspect a number of them traded with FTX, but I can’t say that with cast iron certainty,” he said.
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