The Trump family is said to be in talks to invest in Binance. The discussions revolve around the family taking a stake in the U.S. arm of the crypto exchange, which had pleaded guilty to violating anti-money-laundering laws and whose founder, Changpeng Zhao, served time in prison, according to The Wall Street Journal. (It’s unclear whether a deal would require pardoning Zhao.) The talks further underscore the ties between the Trump family and the crypto industry, which spent millions to back Trump, a connection that critics have said represents a conflict of interest.
Goldman’s chief wants more clarity, too
Goldman Sachs’s annual letter to shareholders is out, and DealBook has highlighted key quotes from the bank’s C.E.O., David Solomon.
Solomon didn’t specifically call out Trump or his head-spinning tariff moves, but did acknowledge the recent market volatility:
Financial market participants continue to recognize the competitiveness of the U.S. economy and the opportunities for sustained growth. But as we have seen in recent weeks, the environment can shift quickly.
Global growth has been hampered by inflation, an escalation in potential tariffs, and the toll of geopolitical tensions and prolonged conflicts across multiple regions.
He wants more clarity from the Trump administration, something many C.E.O.s have been asking for:
While policy uncertainty is to be expected within the first few months of any administration, it’s important that policy positions become clearer so that businesses are able to make the decisions they need for longer term planning and investment. Many CEOs I engage with are evaluating the potential impact on their top and bottom lines, and as a result, we are seeing some of our corporate clients acting more cautiously until they have more clarity.
Solomon still thinks there’s an appetite for deal-making, despite a slow start to the year and indications from Trump’s regulatory enforcers that they’ll continue to crack down on deals:
Over the past year, when I would talk with CEOs, almost all of them felt burdened by the regulatory impact on their business. Following the results of the U.S. election last year, however, there was a meaningful shift in CEO sentiment, particularly in America. Given the expected change in the regulatory environment, the appetite for deal-making has increased, and that could spur further capital markets activity in 2025.
He suggested that Europe ease up on regulation, noting that growth there continued to lag behind that in the United States (a point that European Union leaders have also been grappling with):
When we speak with leaders from the region, we hear a renewed sense of urgency to unlock the forces of dynamism and innovation. My hope is that Europe’s leaders have the public support and political will to make the necessary structural reforms to increase growth.
Solomon also touted Goldman’s own strengths, citing the bank’s performance and discipline. He writes that Goldman has put itself on a “path to generating mid-teens returns through the cycle” and celebrated the return of 380 employees as “boomerang hires.”