Charles Schwab To Offer Spot Crypto Trading Under Trump Administration
Charles Schwab Corps incoming Chief Executive Officer (CEO), Rick Wurster, has revealed the firm plans to offer spot crypto trading once US regulations make it easier to do so, something the firm hopes will happen under Donald Trumps administration.
Wurster supports Schwab clients who want to invest in crypto but does not plan to invest in the asset class personally.
Charles Schwab Eyes Spot Crypto Trading
The incoming CEO expressed optimism about the regulatory landscape under incoming President Donald Trump, adding the company will be ready for any change in regulations.
We will get into spot crypto when the regulatory environment changes, and we do anticipate that it will change, and were getting ready for that eventuality.
Charles Schwab already offers crypto futures and crypto-linked ETFs. However, any planned move to offer spot trading would see the firm compete directly with established industry players like Robinhood and Webull. Wurster added,
Crypto has certainly caught manys attention, and theyve made a lot of money doing it. I have not bought crypto, and now I feel silly.
The competition for retail investors has grown since the pandemic, with the presidential election accelerating it further. With the markets witnessing a surge in trading activity, newcomers and established firms are scrambling to expand their services. Schwab currently competes with traditional firms like Fidelity Investments and Interactive Brokers. The firm is undergoing a leadership change, with current CEO Walt Bettinger set to step down next year. Wurster joined Schwab in 2016, becoming president in 2021, and will take over after Bettingers retirement.
The incoming CEO also stated that Artificial Intelligence will likely significantly impact wealth management.
It used to be that 60,000 times a month, we would have a phone rep spend more than three minutes searching for a piece of information to answer a client's question. Now we have built an AI capability that finds that information in seconds.
Schwabs Current Offerings
Charles Schwab has expanded its crypto offerings to align with the growth of digital assets. In 2022, the company launched the Schwab Crypto Thematic ETF, allowing investors to gain exposure to businesses benefiting from cryptocurrencies and blockchain technology. Schwab also offers access to an array of third-party ETFs and mutual funds. This includes investments in cryptocurrencies, cryptocurrency futures contracts, or equities tied to the crypto industry. The products mentioned above are categorized under Digital Assets on the companys website, allowing customers to explore options using its Fund Finder tool.
Schwab also supports the crypto market through its involvement in EDX Markets, an exchange launched and backed by Fidelity, Citadel Securities, and Schwab.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Text source: Crypto Daily™
