Charles Schwab Eyes Spot Crypto Trading Once Regulations Change

Bloomberg04:48

(Bloomberg) -- Charles Schwab Corp.’s incoming chief executive officer, Rick Wurster, said the firm is looking to offer spot cryptocurrency trading once US regulations make doing so easier — something...

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Schwab has long been in the space, alongside Fidelity Investments and Interactive Brokers Group Inc., and they face challenges from newer firms such as Robinhood Markets Inc. and Webull. Both upstarts and incumbents have competed to roll out new product offerings for investors.Cryptocurrency has pla","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4589":"SVB概念","SCHW":"嘉信理财","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU0345774391.USD":"NINETY ONE GSF AMERICAN FRANCHISE \"A\" (USD) ACC","SG9999014021.USD":"UNITED GLOBAL DURABLE EQUITIES (USDHDG) ACC","BK4581":"高盛持仓","BK4504":"桥水持仓","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU1791807156.HKD":"BGF WORLD FINANCIALS \"A2\" (HKDHDG) ACC","BK4127":"投资银行业与经纪业","SG9999001077.SGD":"United International Growth Fund SGD","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","LU0130517989.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"R\" INC","LU1153585028.USD":"BGF GLOBAL LONG-HORIZON EQUITY  \"A4\" (USD) INC","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","SG9999014039.USD":"UNITED GLOBAL DURABLE EQUITIES (USDHDG) INC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","SG9999014005.SGD":"United Global Durable Equities Fund Acc SGD","SG9999014013.SGD":"United Global Durable Equities Fund Dis SGD","LU0345774631.USD":"NINETY ONE GSF AMERICAN FRANCHISE \"A\" (USD) INC","BK4585":"ETF&股票定投概念","LU1861217088.USD":"贝莱德金融科技A2","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU0106831901.USD":"贝莱德世界金融基金A2","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","LU1861220207.SGD":"Blackrock FinTech A2 SGD-H","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","BK4588":"碎股","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU0477156953.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"RE\" (USD) ACC","LU0971096721.USD":"富达环球金融服务 A","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU2360107671.USD":"BGF FINTECH \"A4\" (USD) INC"},"translate_title":"一旦法规发生变化，嘉信理财将关注加密货币交易","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SCHW":1},"content_text":"(Bloomberg) -- Charles Schwab Corp.’s incoming chief executive officer, Rick Wurster, said the firm is looking to offer spot cryptocurrency trading once US regulations make doing so easier — something that’s more likely once President-elect Donald Trump takes office.\n“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 Schwab’s president, said in a Bloomberg Radio interview Thursday.\nCompetition for retail investors’ dollars has intensified since the pandemic and even more so since the US presidential election, which spurred the “Trump trade” and its explosion of market activity. Schwab has long been in the space, alongside Fidelity Investments and Interactive Brokers Group Inc., and they face challenges from newer firms such as Robinhood Markets Inc. and Webull. Both upstarts and incumbents have competed to roll out new product offerings for investors.\nCryptocurrency has played a part in that competition. Schwab, for example, currently offers crypto-linked exchange-traded funds and crypto futures.\n“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.”\nWurster said he’s not planning on investing in crypto for the time being, but he supports Schwab clients who wish to do so.\nSchwab is facing a leadership change at the start of the year as Walt Bettinger cedes the CEO role to Wurster. Bettinger turns 65 next year and has led Schwab since 2008, and Wurster’s been with Schwab since 2016 and president since 2021.\nAlso in Thursday’s interview, Wurster said artificial intelligence is likely to have a substantial impact on the wealth-management business.\n“It used to be that 60,000 times a month, we would have a phone rep spend more than three minutes searching for a piece of information to answer a client question,” he said. “Now we have built an AI capability that finds that information in seconds.”\n--With assistance from Carol Massar and Tim Stenovec.\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"Policy And Regulatory","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485346425"}