On November 21, 2024, Charles Schwab's incoming CEO, Rick Wurster, stated the firm is looking to offer spot cryptocurrency trading to clients. This move is contingent on U.S. regulations making such offerings easier.
Wurster indicated that a more favorable regulatory environment for crypto is anticipated, particularly with President-elect Donald Trump taking office. This strategic direction responds to client demand for trusted platforms to consolidate digital assets with traditional portfolios.
Schwab currently custodies $25 billion in crypto Exchange-Traded Products (ETPs), representing 20% of the total market. The planned entry into direct spot crypto trading aims to deepen client relationships and diversify revenue streams.
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