Crypto Market Maker GSR has long placed as a leader in market structure, compliance and global liquidity. With operations spanning centralized and decentralized platforms, the company is actively designing how capital flows through the digital active ecosystem.
Part of the company’s success can be attributed to Josh Riezman, a veteran of GSR and now its main strategy officer, USA and Global Deputy General Guardian. He earned earlier more than a year as CEO.
Riezman joined the GSR after working at USDC Essuer Circle. Before that, he spent six years at Société Générale and almost three years at Deutsche Bank.
Recently, GSR became the first crypto liquidity provider that ensured the permission of both Britain’s financial behavioral and Singapore monetary authority – a milestone that reflects its proactive approach to compliance with some of the world’s most closely monitored jurisdictions.
Riezman expects regulatory adaptation to be a cornerstone of sustainable growth in the crypto market.
In April, GSR led a private $ 100 million ranking to Apex (UPXI), a company of consumer products now a crypto-based treasury strategy.
Prior to Consensus 2025, Coindesk talked to Riezman about what these regulatory wins mean how GSR sees the future of defi and Cefi integration, and what the company is doing to support the next generation of crypto projects through its full stact services.
Coindesk: GSR has recently obtained some very significant legislative approvals, including in the UK How do these milestones affect its operations and its strategic direction?
Riezman: That’s a good question. GSR is proud to be at the forefront of thinking about what the right regulation is for this space and how it applies to us.
We have been proactive in working with regulators around the world to level out when the global regulatory regime emerges and develops. We were early adoptors in Singapore and Britain – through MPI and MLR – to show our commitment to the best standards in the regulatory space, especially among trading companies.
We see this as just the beginning of the journey as regulation continues to realize. We always think about how we need to be prepared to serve our clients in each jurisdiction.
Given the extensive experience that GSR has with the cryptocurrency room and with compliance, what are the primary legislative challenges you see in the near future of market producers?
This is becoming something of a suit now, but legislative security is still a major topic in the crypto area, especially in the United States. We are in a period of dramatic change after the election of Donald Trump. But we see positive signs, both from regulatory agencies and from the legislative side.
As more clarity comes, it will unlock larger investments – just as in traditional economic planning, clarity and security is key. When this clarity arrives, companies like GSR will be able to invest in the appropriate structures and strategies to comply.
For us, it is about ensuring that we can continue to deliver the robust liquidity we are known for. We see very promising signs in Singapore and Europe where the framework is clearer and we hope to see similar developments in the US
How is GSR approaching the integration with new technologies, including decentralized funding, in its existing offerings?
This is an area where we have been at some level at some level. We are always looking for new venues. When it comes to defi, we are integrated with all the leading AMMs and key platforms.
We are also focused on expanding our on-chain capacities, 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 come together in a truly meaningful way, and it is a space where we proactively engage and build.
In light of the current market dynamics, what strategies do GSR use 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 Elder, market manufacturers in space. The way we have managed to stay here through all the volatility is our deep commitment to risk management.
Our risk frame has led us through turbulent markets and it continues to do so. It is business as usual for us – we are used to volatility and to some extent we embrace it as part of the industry that we love and are here to support.
In addition to risk management, we focus on how to support clients looking for full life cycle support through what is really chopped markets. We provide more advisory services now, share expertise and connections to the market with our customers and friends.
When looking ahead, what are GSR’s most important priorities and initiatives in the cryptocurrency of the ecosystem?
A few things. First, we are really focused on being a true life cycle partner for crypto entrepreneurs – especially the most innovative and creative protocol companies. We want to support them from idea to launch and further through our venture investments, consulting, marketing and OTC services.
We pull it together to a one-stop shop for market participants. At the same time, we focus on the renewed interest in the US market. There are so many projects that want to enter the US and integrate with its ecosystem, and we are well positioned to help – we are associated with any major exchange both internationally and in the US
Eventually, we continue to lean into legislative advocate and help shape effective, pro-innovation market structures that enable both development and liquidity.
