The CEO of Goldman Sachs, David Solomon, has recently told a U.S. House of Representatives panel that the financial giant never had plans to launch a cryptocurrency trading desk, claiming reports suggesting so weren’t correct.

Speaking during a hearing on ‘holding megabanks accountable’ in which the average citizens’ lack of trust in the financial system a decade after the crisis was discussed, Solomon claimed a story Bloomberg broke on Goldman Sachs’ plans to launch the trading desk weren’t correct.

Addressing Ohio U.S. Rep. Warren Davidson who questioned him on these reports, the CEO noted Goldman Sachs is “watching and doing work to try and understand the cryptocurrency market as it develops,” and added that:

We have some clients that have certain functionality that we’ve engaged with on clearing physically settled futures, but other than that we never had plans to open a cryptocurrency desk.

As CryptoGlobe covered initial plans for its cryptocurrency trading desk were announced back in May of last year, but anonymous sources then told Business Insider in September the financial institution dropped plans to launch it for the time being.

During the hearing Solomon noted that “at some point” Goldman Sachs may look into launching its own cryptocurrency trading desk, although he added that “when dealing with cryptocurrency it’s a new area, there are a lots of issues.”

Other financial industry giants present in the hearing included JPMorgan Chase’s CEO Jamie Dimon, which initially addressed bitcoin by saying it was a fraud, and after a few controversial months ended up claiming he “probably shouldn’t say any more about cryptocurrency.”

In February of this year his firm launched its own cryptocurrency called ‘JPM Coin’, which is set to instantly settle transactions for its clients. Dimon himself has hinted it could in the future see consumer use. During the hearing, he reiterated he believes blockchain technology has value, not cryptocurrencies.

Charles Scharf, the CEO of BNY Mellon, was also present. He cited issues the financial institution sees surrounding cryptocurrencies, and these include know-your-customer (KYC) and anti-money laundering (AML) challenges for institutions, as well as a lack of clarity on qualified custodians.