Charles Schwab Looking to Offer Spot Crypto Trading Upon Regulatory Changes, Incoming CEO Confirms

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Jai Pratap

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Jai Pratap

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Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

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Last updated:

November 21, 2024 22:34 EST

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Charles Schwab Corp. is gearing up to enter the spot cryptocurrency trading market once U.S. regulations become more favorable, the firm’s incoming CEO, Rick Wurster confirmed.

The announcement comes as Schwab undergoes a significant leadership transition, with Wurster set to take the reins from current CEO Walt Bettinger at the start of the year.

“We will get into spot crypto when the regulatory environment changes, and we do anticipate that it will change,” Wurster said in a Bloomberg interview on Thursday. He expressed confidence that a shift in regulatory policies could accelerate under President-elect Donald Trump’s administration, adding, “We’re getting ready for that eventuality.”

While Schwab has yet to dive into direct crypto trading, the company has long maintained a foothold in the space, offering crypto-linked exchange-traded funds (ETFs) and cryptocurrency futures. However, Wurster acknowledged the intense competition in the financial services industry, particularly as newer platforms like Robinhood and Webull continue to attract retail investors with user-friendly crypto offerings.

Wurster Regrets Not Investing in Crypto

“Crypto has certainly caught many’s attention, and they’ve made a lot of money doing it,” Wurster said, though he admitted he hasn’t personally invested in cryptocurrency yet, quipping, “Now I feel silly.”

Beyond crypto, Wurster highlighted the transformative potential of artificial intelligence (AI) in Schwab’s operations. The firm has leveraged AI to streamline customer service, reducing the time required to locate critical information from minutes to mere seconds.

With Wurster, a veteran of Schwab since 2016, stepping into the CEO role, the firm is poised to adapt to shifting market demands while embracing new technologies and investment opportunities. With Trump’s team mulling over appointing someone for a dedicated White House crypto policy role, the industry is expecting a positive turn around in the regulatory space in the coming years.

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