The United States releases new crypto bill
The United States House Financial Services Committee has released the third draft of a stablecoin bill for crypto regulation.
Goldman Sachs is reportedly planning to offer Ether derivatives as a product in the next few months as part of the greater adoption of cryptocurrency.
Despite the investment bank’s initial critical approach to the cryptocurrency industry, it is now looking to offer services of digital products to customers, including the second leading cryptocurrency as part of Ether options and futures. Speaking with Bloomberg, Goldman’s managing director of digital assets Mathew McDermott noted that the demand for cryptocurrencies has continued to increase even though the market has faced a wave of dipping prices. He said:
“We’ve actually seen a lot of interest from clients who are eager to trade as they find these levels as a slightly more palatable entry point. We see it as a cleansing exercise to reduce some of the leverage and the excess in the system, especially from a retail perspective….”
He continued to speak about institutional investment, offering:
“Institutional adoption will continue. Despite the material price correction, we continue to see a significant amount of interest in this space.”
Not only has the institutional interest been experienced from outside the firm, but Goldman itself has been expanding its cryptocurrency investment too. Over the past year, the digital assets department has grown from 4 people to a team of 17 in the firm. The bank has also invested in several cryptocurrency start-ups, like putting $5 million USD into a fundraising round by Blockdaemon. Just last month, the bank also led a $15 million USD investment into Coin Metrics with McDermott joining the company’s board.
The United States House Financial Services Committee has released the third draft of a stablecoin bill for crypto regulation.
The European Commission aims to use blockchain technology to streamline the cross-border verification process for credentials.
The United States Securities and Exchange Commission files a lawsuit against leading crypto exchange Binance.
After four months of declining figures, the number of Bitcoin ATMs across the world increased significantly in May.