Charles Schwab plans to enter the spot crypto market once U.S. regulations provide clearer pathways, incoming CEO Rick Wurster said Thursday.
Wurster emphasized the firm’s readiness to expand its offerings to clients once regulatory conditions improve, he said during an interview with Bloomberg Radio.
“We will get into spot crypto when the regulatory environment changes,” Wurster said, who is set to take over as CEO in January. He added that the firm anticipates favorable changes under the incoming Donald Trump administration.
Schwab, already active in the crypto space via exchange-traded funds and futures, aims to bolster its offerings amid a renewed craze this year for digital assets.
Crypto ETFs Still Hot, With Nearly 50% of U.S. Investors Planning to Buy: Charles Schwab
Demand for digital asset exchange-traded funds (ETFs) isn’t slowing down, with nearly half of all investors surveyed for a new report claiming they were planning to invest in the American crypto products. It isn’t just the interested boomers buying via brokerage accounts: millennials are also keen to snap up the new products, according to a Thursday report by Charles Schwab. A total of 45% of respondents said they were planning to invest in digital assets via ETFs over the next year. Last year,...
The firm faces increasing competition from newer platforms like Robinhood Markets, which has rapidly gained traction among retail investors.
Crypto has become a focal point in the race to capture retail investor interest, driven by its volatility and growth potential. An October survey by the multinational financial services firm found nearly half of respondents planned to invest in crypto via ETFs over the coming year.
The ability to offer trading directly through its platform would seek to build on its Crypto Thematic ETF (STCE), which provides global exposure to companies that may benefit from the development or utilization of crypto and other digital assets products.
While STCE does not invest directly in crypto, it focuses on businesses within the industry, including those engaged in mining, trading, and blockchain technology applications.
Pressure has been mounting on Wall Street to begin opening up to the asset class from clients eager to capture upside amid shifting regulatory winds.
Wall Street Is on a Bull Run—It’s Nothing Compared to Bitcoin
As the S&P 500 rose to a record high Friday, a bull market in U.S. equities was set to mark its two-year anniversary. Though enthusiasm has been muddled in the crypto market for months, the window also shines a light on just how much Bitcoin has gained during that span. As highlighted in Opening Bell Daily, a financial newsletter, the S&P 500 has climbed more than 60% to around 5,800 points since a bear market in equities petered out two years ago. Over the same period of time, however, Bitcoin’...
On the campaign trail this year, President-elect Trump vowed to establish a Bitcoin reserve, safeguard crypto mining interests, foster favorable regulation, and fire SEC Chair Gary Gensler.
Gensler, long-despised by crypto proponents for what they characterized as a heavy-handed approach toward the industry, announced Thursday he would resign from the agency’s top job by January 20.
Despite those tailwinds, Wurster noted he has not personally invested in crypto but acknowledged its appeal among investors.
“Crypto has certainly caught many’s attention, and they’ve made a lot of money doing it,” he reportedly said. “I have not bought crypto, and now I feel silly.”
