Crypto market maker GSR has lengthy positioned itself as a frontrunner in market construction, compliance, and world liquidity. With operations spanning centralized and decentralized platforms, the agency is actively shaping how capital flows by the digital asset ecosystem.
A part of the corporate’s success could be attributed to Josh Riezman, a veteran at GSR and now its Chief Technique Officer, U.S. and International Deputy Basic Counsel. He beforehand served greater than a yr as Managing Director.
Riezman joined GSR after working at USDC issuer Circle. Earlier than that, he spent six years at Société Générale and practically three years at Deutsche Financial institution.
Not too long ago, GSR grew to become the primary crypto liquidity supplier to safe authorization from each the UK’s Monetary Conduct Authority and Singapore’s Financial Authority — a milestone that displays its proactive strategy to compliance in a number of the world’s most intently watched jurisdictions.
Riezman expects regulatory alignment to turn into a cornerstone of sustainable crypto market progress.
In April, GSR led a $100 million personal placement into Apex (UPXI), a consumer-goods firm that’s now pivoting to a crypto-based treasury technique.
Forward of Consensus 2025, CoinDesk spoke with Riezman about what these regulatory wins imply, how GSR sees the way forward for DeFi and CeFi integration, and what the agency is doing to assist the following technology of crypto tasks by its full-stack providers.
CoinDesk: GSR has lately achieved some very important regulatory approvals, together with within the U.Ok. How do these milestones affect its operations and its strategic route?
Riezman: It is an awesome query. GSR has prided itself on being on the forefront of excited about what the best regulation is for this area and the way that applies to us.
We have been proactive in working with regulators around the globe to stage up as the worldwide regulatory regime emerges and evolves. We had been early adopters in Singapore and the UK — by the MPI and the MLR — to point out our dedication to greatest requirements within the regulatory area, particularly amongst buying and selling corporations.
We see this as only the start of the journey, as regulation continues to materialize. We’re all the time considering forward about how we have to be ready to serve our purchasers in every jurisdiction.
Given the in depth expertise that GSR has with the cryptocurrency area and with compliance, what are the first regulatory challenges you see within the close to future for market makers?
That is changing into one thing of a trope now, however regulatory certainty continues to be a serious subject within the crypto area, notably in america. We’re in a interval of dramatic change following the election of Donald Trump. However we’re seeing optimistic indicators, each from regulatory companies and from the legislative facet.
As extra readability comes, it’s going to unlock better funding — identical to in conventional financial planning, readability and certainty are key. When that readability arrives, corporations like GSR will be capable of spend money on the suitable buildings and methods to conform.
For us, it’s about guaranteeing we will maintain delivering the sturdy liquidity we’re identified for. We’re seeing very promising indicators in Singapore and Europe, the place the frameworks are clearer, and we’re hoping to see comparable developments within the U.S.
How does GSR strategy the combination with rising applied sciences, together with decentralized finance, into its present choices?
That is an space the place we have, at some stage, been on the leading edge. We’re all the time in search of new venues. In terms of DeFi, we’re built-in with all of the main AMMs and key platforms.
We’re additionally centered on increasing our on-chain capabilities, particularly as these hybrid CeFi/DeFi fashions emerge. One thing like Hyperliquid is an effective instance.
We see our energy in CeFi and on-chain liquidity coming collectively in a very significant approach, and it is a area the place we’re proactively participating and constructing.
In mild of the present market dynamics, what methods is GSR using to make sure liquidity and stability throughout its operations?
We’ve been round for a very long time — GSR is among the oldest, if not the oldest, market makers within the area. The best way we’ve managed to remain right here by all of the volatility is our deep dedication to danger administration.
Our danger framework has carried us by turbulent markets, and it continues to take action. It’s enterprise as standard for us — we’re used to volatility and, to some extent, we embrace it as a part of the business that we love and are right here to assist.
Past danger administration, we’re centered on how you can assist purchasers who’re in search of full lifecycle assist by what are actually uneven markets. We’re offering extra advisory providers now, sharing experience and connections to the market with our purchasers and associates.
Trying forward, what are GSR’s key priorities and initiatives within the cryptocurrency ecosystem?
A couple of issues. First, we’re actually centered on being a real lifecycle accomplice for crypto entrepreneurs — particularly essentially the most progressive and artistic protocol corporations. We need to assist them from concept to launch and past, by our enterprise investments, advisory, market making, and OTC providers.
We’re pulling that every one collectively right into a one-stop store for market individuals. On the identical time, we’re centered on the renewed curiosity within the U.S. market. There are such a lot of tasks seeking to enter the U.S. and combine with its ecosystem, and we’re properly positioned to assist — we’re related to each main change each internationally and within the U.S.
Lastly, we’re persevering with to lean into regulatory advocacy and serving to form efficient, pro-innovation market buildings that allow each improvement and liquidity.
