Crypto market maker GSR has lengthy positioned itself as a frontrunner in market construction, compliance, and international liquidity. With operations spanning centralized and decentralized platforms, the agency is actively shaping how capital flows via 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 World Deputy Common 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 almost three years at Deutsche Financial institution.
Not too long ago, GSR turned 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 method to compliance in among the world’s most intently watched jurisdictions.
Riezman expects regulatory alignment to turn out to be a cornerstone of sustainable crypto market development.
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 help the subsequent era of crypto tasks via its full-stack providers.
CoinDesk: GSR has not too long ago achieved some very vital regulatory approvals, together with within the U.Ok. How do these milestones affect its operations and its strategic course?
Riezman: It is an important query. GSR has prided itself on being on the forefront of eager about what the correct regulation is for this area and the way that applies to us.
We have been proactive in working with regulators world wide to degree up as the worldwide regulatory regime emerges and evolves. We have been early adopters in Singapore and the UK — via the MPI and the MLR — to indicate our dedication to finest requirements within the regulatory area, particularly amongst buying and selling companies.
We see this as just the start of the journey, as regulation continues to materialize. We’re all the time pondering forward about how we have to be ready to serve our shoppers in every jurisdiction.
Given the intensive 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 turning into one thing of a trope now, however regulatory certainty remains to be a significant problem within the crypto area, notably in the USA. We’re in a interval of dramatic change following the election of Donald Trump. However we’re seeing constructive indicators, each from regulatory companies and from the legislative aspect.
As extra readability comes, it can unlock better funding — identical to in conventional financial planning, readability and certainty are key. When that readability arrives, companies like GSR will be capable to put money into the suitable constructions and techniques to conform.
For us, it’s about making certain we are able to hold delivering the sturdy liquidity we’re recognized for. We’re seeing very promising indicators in Singapore and Europe, the place the frameworks are clearer, and we’re hoping to see related developments within the U.S.
How does GSR method the combination with rising applied sciences, together with decentralized finance, into its present choices?
That is an space the place we have, at some degree, been on the leading edge. We’re all the time searching for new venues. In relation to DeFi, we’re built-in with all of the main AMMs and key platforms.
We’re additionally targeted 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 extremely significant approach, and it is a area the place we’re proactively partaking 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 likely one of the oldest, if not the oldest, market makers within the area. The way in which we’ve managed to remain right here via all of the volatility is our deep dedication to threat administration.
Our threat framework has carried us via turbulent markets, and it continues to take action. It’s enterprise as normal for us — we’re used to volatility and, to some extent, we embrace it as a part of the trade that we love and are right here to help.
Past threat administration, we’re targeted on the way to help shoppers who’re searching for full lifecycle help via what are actually uneven markets. We’re offering extra advisory providers now, sharing experience and connections to the market with our shoppers and mates.
Trying forward, what are GSR’s key priorities and initiatives within the cryptocurrency ecosystem?
A couple of issues. First, we’re actually targeted on being a real lifecycle companion for crypto entrepreneurs — particularly probably the most revolutionary and inventive protocol corporations. We wish to help them from thought to launch and past, via our enterprise investments, advisory, market making, and OTC providers.
We’re pulling that each one collectively right into a one-stop store for market contributors. On the similar time, we’re targeted on the renewed curiosity within the U.S. market. There are such a lot of tasks trying to enter the U.S. and combine with its ecosystem, and we’re nicely positioned to assist — we’re linked 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 constructions that allow each improvement and liquidity.
