Charles Schwab is planning to offer a cryptocurrency trading space as US laws are improved by Trump
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Charles Schwab is planning to introduce a simplified version of U.S. regulations for cryptocurrency trading under President-elect Donald Trump. Earnings CEO Rick Wurster said he supports Schwab clients working with crypto but has no plans to invest personally.
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Charles Schwab is preparing to offer spot crypto trading once U.S. regulations become more favorable, Revenue CEO Rick Wurster said.
Bloomberg reports that Wurster expressed optimism about the evolving regulatory landscape, particularly as President-elect Donald Trump prepares to take office.
“When the regulatory environment changes, we will enter the crypto space and expect it to change, and we are preparing for that eventuality,” Wurster, who is now the firm's president, said in a Bloomberg Radio interview.
Schwab already offers crypto-linked ETFs and crypto futures, but entering the space business will make the firm more competitive with industry players like Robinhood and Webull.
“Crypto has certainly attracted a lot of attention, and they've made a lot of money doing it,” Wurster said. “I didn't buy crypto and now I feel stupid.”
While he supports Swab clients who want to invest in crypto, Wurster mentions that he has no plans to personally invest in the asset class.
Wurster, who has been with Schwab since 2016 and will serve as president through 2021, will take over as CEO from Walt Bittinger at the beginning of the year.
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