Charles Schwab Looking at Spot Crypto Trading Following Regulation Shift: Report
Financial services firm Charles Schwab is reportedly waiting for favorable conditions to offer cryptocurrency trading to its clients.
Charles Schwab’s incoming chief executive Rick Wurster says the Texas-based firm is eyeing to provide spot cryptocurrency trading services once regulations in the US become supportive of digital assets, reports Bloomberg.
Says Wurster in a Bloomberg Radio interview,
“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.”
The US is expected to have a more friendly stance on crypto once President-elect Donald Trump assumes office. During his campaign, Trump vowed to support the digital asset industry.
Schwab already offers crypto-focused exchange-traded funds (ETFs) and digital asset futures.
The firm is looking at adding spot trading for digital assets as companies in the financial services space compete to roll out new product offerings to investors.
While Wurster says he’s not looking to get crypto exposure for now, he notes that he plans to support clients planning to invest in the digital asset space.
“Crypto has certainly caught many’s attention, and they’ve made a lot of money doing it. I have not bought crypto, and now I feel silly.”
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