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Rick Wurster, Rick Schwab’s incoming CEO said on Thursday that Charles Schwab will enter the crypto spot market as soon as U.S. regulatory pathways are clearer.
Wurster said the company was prepared to increase its services for clients when regulatory conditions are improved, as he stated during an Interview Bloomberg Radio – Listen to the latest news and information.
“We will get into spot crypto when the regulatory environment changes,” Wurster will be taking over the CEO role in January. The firm is anticipating positive changes with the new Donald Trump Administration, he said.
Schwab is already a player in the crypto-space via its exchange traded funds and futures. It wants to expand their offerings as digital assets are gaining popularity again this year.
It faces increased competition from platforms such as Robinhood Markets which have rapidly gained popularity among users. Retail investors.
Cryptocurrency has been a focus in the race for retail investors’ interest due to its volatility, growth potential and high level of liquidity. The October You can also find out more about the survey by clicking here. According to a survey conducted by a multinational financial services provider, nearly half the respondents intend to invest crypto through ETFs in the upcoming year.
The platform’s ability to allow trading would be a way to capitalize on the Crypto Thematic Exchange Traded Fund (STCE), whose global exposure provides companies with global exposure that could benefit from developing or utilizing crypto-assets and other digital products.
STCE doesn’t invest in cryptocurrency directly, instead it concentrates on companies within the crypto industry. These include those who are involved in mining, trading and applications of blockchain technology.
Wall Street is under increasing pressure to allow clients to access the asset classes, as regulatory changes have shifted.
On his campaign trail, Donald Trump pledged to create a Bitcoin Reserve, protect crypto mining interests and promote favorable regulations, as well as fire SEC Chairman Gary Gensler.
Gensler, who has long been despised by proponents of crypto for his “heavy-handed” approach to the industry, revealed Thursday he was stepping aside. Resignation By January 20, 2019, the top position at your agency will be vacant.
Wurster acknowledged that despite these tailwinds he had not invested personally in cryptocurrency but that it was a popular investment amongst investors.
“Crypto has certainly caught many’s attention, and they’ve made a lot of money doing it,” He reportedly stated. “I have not bought crypto, and now I feel silly.”