Beth Hammack, a member of the Goldman Sachs Management Committee, raised the issue of different rules being applied to incumbent banks versus startups in the digital currency sector and multiple times called for a level playing field for banks. She was talking during a panel at the Institute of International Finance.
“Right now, we’re almost in the worst possible scenario. We have a lot of innovation, a lot of ideas, a lot of excitement about the possibilities. But we don’t have a ruleset,” she said, mentioning a need for guardrails. “We need some understanding about how we can really operate in this system.”
While the panel discussion was about retail central bank digital currency (CBDC), many of her comments appeared to refer to cryptocurrencies and stablecoins.
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