Charles Schwab Eyes Major Crypto Expansion as US Regulations Evolve

Rick Wurster, the incoming CEO of Charles Schwab Corp., has revealed the company's readiness to offer spot cryptocurrency trading, pending favorable regulatory changes in the U.S.

Charles Schwab Corp. (NYSE:SCHW) is preparing to launch spot cryptocurrency trading as U.S. regulations evolve, with its leadership expressing optimism amid a shifting regulatory and competitive landscape.

During a Bloomberg Radio interview, Rick Wurster, incoming CEO of Charles Schwab Corp., highlighted the company’s readiness to offer spot crypto trading, pending favorable regulatory changes in the U.S.

“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 said.

Schwab, which already offers crypto-linked exchange-traded funds (ETFs) and futures, is positioning itself to expand into direct trading when the market environment permits.

“Crypto has certainly caught many’s attention, and they’ve made a lot of money doing it,” Wurster said of the rising prominence of cryptocurrency.

The landscape of cryptocurrency regulation in the U.S. is undergoing significant transformation. Securities and Exchange Commission (SEC) Chair Gary Gensler, known for his stringent stance on crypto enforcement, has announced his resignation, effective Jan. 20, 2025, coinciding with President-elect Donald Trump’s inauguration.

This development has been met with optimism within the crypto industry, anticipating a shift toward more favorable regulatory policies under the incoming administration. Trump has expressed intention to position the U.S. as a leader in the cryptocurrency sector, proposing initiatives such as establishing a strategic bitcoin reserve.

Wurster will officially take over as CEO from Walt Bettinger at the start of the year, marking a significant leadership transition.

Bettinger, Schwab’s leader since 2008, leaves a legacy of innovation and resilience, with Wurster poised to continue adapting Schwab’s strategies to evolving market demands.

Despite his enthusiasm for supporting Schwab clients in crypto investments, Wurster admitted to personal reluctance.

“I have not bought crypto, and now I feel silly,” he said.

Schwab’s move comes amid intensifying competition for retail investors, as firms like Robinhood Markets (NASDAQ:HOOD) and Webull vie for dominance with innovative offerings.

Schwab aims to leverage its established reputation alongside advanced technologies like artificial intelligence (AI) to maintain its competitive edge. Schwab has also backed EDX Markets, a cryptocurrency exchange that began operations in June 2023.