EddieJayonCrypto
22 Nov 24
Charles Schwab plans to enter the spot crypto market once U.S. regulations provide clearer pathways, incoming CEO Rick Wurster said. Wurster emphasized the firm’s readiness to expand its offerings to clients once regulatory conditions improve, anticipating favorable changes under the incoming Donald...
Charles Schwab plans to enter the spot crypto market once U.S. regulations provide clearer pathways, incoming CEO Rick Wurster said. Schwab aims to expand its offerings to clients amid increasing competition and a renewed craze for digital assets, facing pressure from clients eager to capture upside amid shifting regulatory winds. The firm plans to offer trading directly through its platform, anticipating favorable changes under the incoming Donald Trump administration.
While already active in the crypto space via exchange-traded funds and futures, Schwab seeks to bolster its offerings amid growing competition, particularly from platforms like Robinhood Markets, which has gained traction among retail investors. With nearly half of respondents in an October survey planning to invest in crypto via ETFs over the coming year, Schwab aims to build on its Crypto Thematic ETF (STCE), providing global exposure to crypto-related companies. Despite not personally investing in crypto, Wurster acknowledged its appeal among investors.
Pressure has been mounting on Wall Street to open up to the asset class, especially with President-elect Trump vowing to establish a Bitcoin reserve and fire SEC Chair Gensler. Despite not personally investing in crypto, Wurster noted its allure among investors, acknowledging the missed opportunity.