Goldman has denied launching a cryptocurrency product

The Block is on April 12reports", Goldman sachs CEO David ' DJ" Solomon told a panel in the U.S. house of representatives on Wednesday that news reports that Goldman had opened a cryptocurrency counter have been denied by the firm.

David says Goldman never planned to open a cryptocurrency unit. And pointed out that bloomberg's initial report that Goldman intended to set up a platform for trading cryptocurrencies like bitcoin was untrue.

David says Goldman, like others, is watching and trying to understand developments in the cryptocurrency market. "Some of our clients have certain features that we have done with physical settlement futures, but beyond that, we have never planned to open a cryptocurrency counter."

David hedged the possibility of the company developing cryptographic trading products in the near future, saying: "we may develop a platform at some point, but there's no question that when it comes to dealing with cryptocurrencies, this is new territory and there are a lot of questions... about whether these currencies are viable in the long run."

Either way, Goldman executive Rana Yared told the New York Times in May that the firm was clearing physically settled bitcoin futures for certain clients.

Executives at other companies also made brief statements about their companies' attitudes to the cryptocurrency market. Jamie Dimon, CEO of JPMorgan chase, doubled down on the idea of "pursuing blockchain rather than encrypted trading".

Charles Scharf, CEO of bank of New York Mellon, noted that one of the biggest problems his company has found cryptocurrencies to face is institutional KYC/AML and the lack of a qualified manager in the field.

The hearing was held to discuss accountability and the lack of trust ordinary citizens have in financial institutions a decade after the financial crisis. The chief executives of seven of the nation's biggest systemically important Banks attended. During the hours-long meeting, their testimony and lawmakers' investigations covered a wide range of topics, from the financial crisis, capital rules, the economy and regulation, to gender equality in the workplace and even cryptocurrencies.

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