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Charles Schwab to Launch Spot Crypto ETFs if Regulations Change

Asset manager Charles Schwab could enter the crypto exchange-traded fund (ETF) market following comments made by incoming CEO Rick Wurster.

Wurster told Bloomberg that the company would offer spot digital currency trading if the U.S. regulatory environment changed.

Regulatory Environment Will Change Eventually

In a November 21 interview, the financial services company’s incoming head said it could make a strategic shift and enter the spot crypto ETF market in anticipation of regulatory changes in the U.S.

Schwab’s interest in crypto is likely sparked by the current bullish sentiment in the market. Analysts believe the heightened activity is due to what they call the “Trump trade,” set off by Donald Trump’s victory in the recently concluded U.S. presidential election.

Wurster stated that the firm is “getting ready for the eventuality” that regulations will make it easier to commence spot crypto ETF trading.

“Crypto has certainly caught many’s attention, and they’ve made a lot of money doing it… I have not bought crypto, and now I feel silly,” he admitted.

The $7.13 billion asset manager currently offers its clients indirect exposure to the digital asset market through crypto-linked ETFs and futures. Moving forward, investors hope the firm will eventually embrace direct trading in order to remain competitive.

Schwab will undergo a leadership change at the start of next year as current CEO Walt Bettinger, who turns 65, steps down for Wurster. Bettinger has been with the company since 2008.

SEC Chair’s Resignation to Open Door for Mass Crypto Adoption?

Like many other traditional banking giants, Charles Schwab is more likely to join the crypto industry following the announcement of the resignation of Securities and Exchange Commission (SEC) Chair Gary Gensler.

According to a press release shared by the SEC, Gensler will step down on January 20, 2025, the day of Trump’s inauguration.

The development has been met with optimism throughout the crypto industry. Like Rick Wurster, financial analysts anticipate a more “legitimate and lawful” regulatory climate for digital assets under the Trump administration.

Moreover, crypto directly helped elect more than 50 politicians into Congress, with Capitol Hill currently having over 260 pro-crypto legislators who the industry hopes will pass laws favoring their interests.

Kristin Smith, the chief executive of the Blockchain Association, told the BBC that everyone in the crypto community is excited that Gensler is leaving office. She claimed that he had only limited the industry’s growth through his much-maligned regulation-by-enforcement approach.

职位 Charles Schwab to Launch Spot Crypto ETFs if Regulations Change 首次出现在 加密土豆.


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