Important 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 getting involved with crypto but said he doesn’t plan to invest personally.
Charles Schwab is preparing to offer spot crypto trading as US regulations become more accommodating, according to incoming CEO Rick Wurster.
As reported by Bloomberg, Wurster expressed optimism about the changing regulatory framework, especially as President-elect Donald Trump prepares to take office.
“We will get into spot crypto as the regulatory environment changes, and we expect it will change, and we’re getting ready for that eventuality,” Wurster, currently the company’s president, said in a Bloomberg Radio interview on Thursday .
Schwab already offers crypto-linked ETFs and crypto futures, but the move to spot trading would position the company to compete more directly with industry players like Robinhood and Webull.
“Crypto has really captured the attention of a lot of people, and they’ve made a lot of money from it,” Wurster said. “I haven’t bought crypto, and now I feel stupid.”
While he supports Schwab clients looking to invest in crypto, Wurster mentioned that he does not plan to invest in the asset class personally.
Wurster, who has been with Schwab since 2016 and CEO since 2021, will take over as CEO from Walt Bettinger at the beginning of the year.
