Charles Schwab looks at spot crypto trading after regulatory shift: Report

On By Littum

Financial services company Charles Schwab is reportedly waiting for favorable conditions to offer cryptocurrency trading to its clients.

Charles Schwab incoming CEO Rick Wurster says the Texas-based firm is looking to provide spot cryptocurrency trading services once US regulations support digital assets, reports Bloomberg.

Says Wurster in a Bloomberg Radio interview,

“We will get into spot crypto when the regulatory environment changes, and we expect it will change, and we’re getting ready for that eventuality.”

The US is expected to take a more friendly stance towards crypto when President-elect Donald Trump takes office. During his campaign, Trump promised to support the digital asset industry.

Schwab already offers crypto-focused exchange-traded funds (ETFs) and futures on digital assets.

The firm is looking at adding spot trading for digital assets as financial services firms compete to roll out new product offerings to investors.

While Wurster says he’s not looking to gain crypto exposure for now, he notes that he plans to support clients who plan to invest in the digital asset space.

“Crypto has certainly caught the attention of many and they have made a lot of money from it. I didn’t buy crypto and now I feel stupid.”

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