"We may be, or may become, exposed to risks related to distributed ledger technology through our facilitation of clients' activities involving financial products linked to distributed ledger technology, such as blockchain or cryptocurrencies, our investments in companies that seek to develop platforms based on distributed ledger technology, and the use of distributed ledger technology by third-party vendors, clients, counterparties, clearing houses and other financial intermediaries."
I think it might be a second degree or third degree risk. When they hesitate to market any products linked to distributed ledgers, what could be the business risk to Goldman? Goldman may be the most daring of the big financial institutions, but even they have taken a conservative stance when it comes to Bitcoin.