US bankers are reportedly taking a cautious stance on crypto assets despite President-elect Donald Trump’s high expectations for pro-cryptocurrency rules. While major crypto leaders may already be betting on bullish responses to regulatory clarity, banks are not rushing just yet.

Trump, who has emerged as the “Crypto President,” has vowed to end the Biden administration’s crackdown on the sector.

Goldman Sachs leads US banks in calls for clarity

According to reports, US bankers are still hesitant to enter the volatile asset market. Speaking at the Reuters NEXT conference in New York, Goldman Sachs CEO David Solomon made it clear that “the regulatory framework needs to evolve.” He added that the Wall Street giant would “consider” trading top cryptocurrencies like Bitcoin and Ethereum if the rules change.

BNY Mellon has begun offering crypto custody services for ETFs. However, CEO Robin Vince stressed that any new initiatives need to be tested across macroeconomic cycles before scaling. He added that the market has already seen several cycles in crypto. It will be crucial to see how these assets evolve.

David Sacks’ SEC role sparks crypto hope

Former PayPal executive David Sacks has been named as the Securities and Exchange Commission (SEC) chief. The move has raised expectations among investors, but uncertainty remains as Trump still needs to appoint key banking regulators.