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Goldman Sachs Plans For Role In Crypto ETFs

U.S. investment bank Goldman Sachs (GS) is carving out a role for itself when it comes to the anticipated launch of cryptocurrency exchange-traded funds (ETFs) in America.

According to multiple media reports, executives at Goldman Sachs are actively engaged in talks to be an authorized participant for the spot Bitcoin (BTC) ETFs that BlackRock (BLK) and Grayscale plan to launch once they receive regulatory approval to do so.

There are currently 14 asset managers hoping to receive approval from the U.S. Securities and Exchange Commission (SEC) to launch spot Bitcoin ETFs.

The Bitcoin ETFs would give investors exposure to the largest cryptocurrency without having to physically hold the digital asset, and approval of the ETFs is expected to attract a fresh wave of capital.

The SEC is expected to announce its decision on Bitcoin ETFs by Jan. 10.

Over the last decade, the SEC has rejected attempts to launch crypto ETFs, citing fears about market manipulation and excessive risk for investors.

However, investors are hoping that the SEC will follow Canada’s lead and now approve crypto ETFs, starting with the Bitcoin applications.

Exactly what role Goldman Sachs will play in any Bitcoin ETFs launched by BlackRock and Grayscale is unclear.

Goldman Sachs’ stock has risen 10% over the last 12 months to trade at $381.79 U.S. per share.