GSR’s Josh Riezman on Regulation, Risk, and Readying Crypto for the Next Phase

Crypto market maker GSR has long positioned itself as a leader in market structure, compliance, and global liquidity. With operations spanning centralized and decentralized platforms, the firm is actively shaping how capital flows through the digital asset ecosystem.

Part of the company’s success can be attributed to Josh Riezman, a veteran at GSR and now its Chief Strategy Officer, U.S. and Global Deputy General Counsel. He previously served more than a year as Managing Director.

Riezman joined GSR after working at USDC issuer Circle. Before that, he spent six years at Société Générale and nearly three years at Deutsche Bank.

Recently, GSR became the first crypto liquidity provider to secure authorization from both the UK’s Financial Conduct Authority and Singapore’s Monetary Authority — a milestone that reflects its proactive approach to compliance in some of the world’s most closely watched jurisdictions.

Riezman expects regulatory alignment to become a cornerstone of sustainable crypto market growth.

In April, GSR led a $100 million private placement into Apex (UPXI), a consumer-goods company that’s now pivoting to a crypto-based treasury strategy.

Ahead of Consensus 2025, CoinDesk spoke with Riezman about what these regulatory wins mean, how GSR sees the future of DeFi and CeFi integration, and what the firm is doing to support the next generation of crypto projects through its full-stack services.

CoinDesk: GSR has recently achieved some very significant regulatory approvals, including in the U.K. How do these milestones influence its operations and its strategic direction?

Riezman: It’s a great question. GSR has prided itself on being at the forefront of thinking about what the right regulation is for this space and how that applies to us. 

We’ve been proactive in working with regulators around the world to level up as the global regulatory regime emerges and evolves. We were early adopters in Singapore and the UK — through the MPI and the MLR — to show our commitment to best standards in the regulatory space, especially among trading firms.

We see this as just the beginning of the journey, as regulation continues to materialize. We’re always thinking ahead about how we need to be prepared to serve our clients in each jurisdiction.

Given the extensive experience that GSR has with the cryptocurrency space and with compliance, what are the primary regulatory challenges you see in the near future for market makers?

This is becoming something of a trope now, but regulatory certainty is still a major issue in the crypto space, particularly in the United States. We’re in a period of dramatic change following the election of Donald Trump. But we’re seeing positive signs, both from regulatory agencies and from the legislative side.

As more clarity comes, it will unlock greater investment — just like in traditional economic planning, clarity and certainty are key. When that clarity arrives, firms like GSR will be able to invest in the appropriate structures and strategies to comply.

For us, it’s about ensuring we can keep delivering the robust liquidity we’re known for. We’re seeing very promising signs in Singapore and Europe, where the frameworks are clearer, and we’re hoping to see similar developments in the U.S.

How does GSR approach the integration with emerging technologies, including decentralized finance, into its existing offerings?

This is an area where we’ve, at some level, been on the cutting edge. We’re always looking for new venues. When it comes to DeFi, we’re integrated with all the leading AMMs and key platforms. 

We’re also focused on expanding our on-chain capabilities, especially as these hybrid CeFi/DeFi models emerge. Something like Hyperliquid is a good example.

We see our strength in CeFi and on-chain liquidity coming together in a really meaningful way, and it’s a space where we’re proactively engaging and building.

In light of the current market dynamics, what strategies is GSR employing to ensure liquidity and stability across its operations?

We’ve been around for a long time — GSR is one of the oldest, if not the oldest, market makers in the space. The way we’ve managed to stay here through all the volatility is our deep commitment to risk management.

Our risk framework has carried us through turbulent markets, and it continues to do so. It’s business as usual for us — we’re used to volatility and, to some extent, we embrace it as part of the industry that we love and are here to support.

Beyond risk management, we’re focused on how to support clients who are looking for full lifecycle support through what are really choppy markets. We’re providing more advisory services now, sharing expertise and connections to the market with our clients and friends.

Looking ahead, what are GSR’s key priorities and initiatives in the cryptocurrency ecosystem?

A few things. First, we’re really focused on being a true lifecycle partner for crypto entrepreneurs — especially the most innovative and creative protocol companies. We want to support them from idea to launch and beyond, through our venture investments, advisory, market making, and OTC services. 

We’re pulling that all together into a one-stop shop for market participants. At the same time, we’re focused on the renewed interest in the U.S. market. There are so many projects looking to enter the U.S. and integrate with its ecosystem, and we’re well positioned to help — we’re connected to every major exchange both internationally and in the U.S.

Lastly, we’re continuing to lean into regulatory advocacy and helping shape effective, pro-innovation market structures that enable both development and liquidity.