Key Takeaways
- Charles Schwab plans to offer spot crypto trading as US regulations ease, likely under President-elect Donald Trump.
- Incoming CEO Rick Wurster supports Schwab clients engaging with crypto but stated he does not plan to invest personally.
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Charles Schwab is preparing to offer spot crypto trading once US regulations become more accommodating, according to incoming CEO Rick Wurster.As reported by Bloomberg, Wurster expressed optimism about the evolving regulatory landscape, especially as President-elect Donald Trump prepares to take office.
“We will get into spot crypto when the regulatory environment changes, and we do anticipate that it will change, and we’re getting ready for that eventuality,” Wurster, currently the firm’s president, said in a Bloomberg Radio interview Thursday.
Schwab already offers crypto-linked ETFs and crypto futures, but the move into spot trading would position the firm to compete more directly with industry players like Robinhood and Webull.
“Crypto has certainly caught many’s attention, and they’ve made a lot of money doing it,” Wurster said. “I have not bought crypto, and now I feel silly.”
While he supports Schwab clients who wish to invest in crypto, Wurster mentioned that he is not planning to invest in the asset class personally.Wurster, who has been with Schwab since 2016 and president since 2021, will take over as CEO from Walt Bettinger at the start of the year.
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