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Although the acquisition of Innovator Capital Management does not directly mention crypto, it does inherently imply that Goldman Sachs is expanding into the digital assets arena.

What to know:
Goldman Sachs is buying ETF issuer Innovator Capital for $2 billion, signaling potential shifts in the crypto ETF market.The acquisition could expand Goldman's access to crypto investments, following the success of bitcoin ETFs at BlackRock.Critics argue that Wall Street's involvement in crypto may undermine the original decentralized ethos of cryptocurrencies.
Goldman Sachs (GS) buying an exchange-traded fund (ETF) issuer for about $2 billion doesn't seem like it has much to do with crypto at first.
However, the Wall Street banking giant's purchase of Innovator Capital has implications that can shake up the entire crypto industry, primarily the ETF sector. That market today is worth $190 billion, but the spot $BTC   BTC $87,495.14 ETF market alone is projected to grow to $3 trillion by 2033.
When the deal was announced, Goldman Sachs CEO David Solomon said in a statement that “Active ETFs are dynamic, transformative, and one of the fastest-growing segments in today’s public investment landscape,” and “by acquiring Innovator, Goldman Sachs will expand access to modern, world-class investment products.” Bruce Bond, CEO of Innovator, said: “Goldman Sachs has a long history of discerning emerging trends and important directional shifts within the asset management industry."
The statements speak volumes about how Goldman sees the ETF industry evolving: building a truly "modern" platform that will invest in emerging trends, based on investor demand. This could eventually include digital assets.
Why? Just ask BlackRock (BLK), the world's largest asset manager, which has more than $13.4 trillion in assets under management. The firm manages over 1,400 different ETFs globally, and out of all these funds, according to one of its executives, bitcoin ETFs have become the firm’s most profitable product line.
As a reminder, Goldman Sachs already serves as an Authorized Participant for major spot bitcoin ETFs, including those from BlackRock and Grayscale, facilitating their daily trading. And while Innovator primarily focuses on defined outcome ETFs, it has responded to the increasing demand for crypto exposure with structured ETFs such as the Innovator Uncapped Bitcoin 20 Floor ETF (QBF), which provides investors with exposure to bitcoin through a risk-managed strategy.
“Not only does this give them an ETF manufacturing scale in one shot, but it also opens up a pre-engineered, compliant channel for pushing buffered bitcoin exposure through private banks, RIAs and wealth platforms that crypto-native issuers struggle to access,” Anna Tutova, AI Crypto Minds founder and family offices’ advisor told CoinDesk.
Simply put, crypto is becoming another Wall Street product that traditional financial institutions want to get exposure to as investors demand new, innovative products and asset classes. ETFs are becoming the distribution channel for that demand.
$XRP $SOL #CryptoETF #GoldmanSachs #CryptoAdoption #CryptoInvesting #InstitutionalCrypto @TRADE_INSIGHTS

The proposed tax change, supported by the government, will categorize crypto profits under a separate-taxation framework.
What to know:$BTC
Japan plans to implement a flat 20% tax on cryptocurrency gains, aligning them with equities and investment trusts.The proposed tax change, supported by the government, will categorize crypto profits under a separate-taxation framework.Currently, crypto gains in Japan are subject to progressive taxation, which can reach up to 55%, discouraging domestic trading.
Japan is preparing to overhaul how it taxes cryptocurrency gains, moving toward a flat 20% levy that would bring digital assets in line with equities and investment trusts, per Nikkei.
The shift marks the country’s most significant policy update for the sector in years and reflects a growing view among regulators that crypto has matured into a mainstream investment class.
The proposal, backed by the government and ruling coalition, would place crypto profits under Japan’s separate-taxation framework, where certain income streams are treated independently from wages and business earnings.
That structure splits the 20% take between the national government and regional authorities at 15% and 5% respectively. The change is expected to be written into the 2026 tax reform package finalized at the end of December.$BNB
Retail traders currently face progressive taxation that can reach as high as 55% on crypto gains in a steep burden has long been cited as a deterrent to domestic activity.
The shift comes as Japan’s regulated exchanges report steady growth, with the Japan Virtual and Crypto Assets Exchange Association reporting with spot volumes on local exchanges crossing $9.6 billion in September.$XRP
#TaxReform2026 #CryptoNews #20PercentTax #JapanCrypto #TaxReform2026 @TRADE_INSIGHTS

The EU’s central bank says stablecoins draw value from eurozone banks and could pose a risk to global financial stability.
What to know:
The European Central Bank said stablecoins could destabilize the financial system by drawing retail deposits away from eurozone banks.Stablecoins' market capitalization has surpassed $280 billion, representing about 8% of the total cryptocurrency market.The ECB said a run on stablecoins could lead to a fire sale of reserve assets, hitting U.S. Treasury markets and possibly triggering a financial crisis.
The European Central Bank (ECB) on Monday released a report warning that stablecoins posed a global financial stability risk because they could draw valuable retail deposits away from eurozone banks.
"Significant growth in stablecoins could cause retail deposit outflows, diminishing an important source of funding for banks and leaving them with more volatile funding overall," the ECB said.
Stablecoins’ combined market capitalization has grown to more than $280 billion, driven by increased investor interest and global regulatory progress, and now accounts for about 8% of the total cryptocurrency market. The largest participants, Tether, the company behind USDT, and Circle Internet (CRCL), issuer of USDC, are among the biggest holders of U.S. Treasury bills.
“A run on these stablecoins could trigger a fire sale of their reserve assets, which could affect the functioning of U.S. Treasury markets and lead to a broader financial crisis, according to the report.
The ECB's stance echoes concerns expressed recently by one of their board members, Dutch National Bank (DNB) Governor Olaf Sleijpen, one of the bank's decision-making members.
The analysis isn't without controversy. In October, Coinbase Chief Policy Officer Faryar Shirzad, wrote that full-reserve backing makes stablecoins safer than banking”. He also said stablecoin broader adoption reinforces financial stability.
#ECB #Stablecoins #FinancialStability #BankingRisk #CryptoRegulation @TRADE_INSIGHTS