Charles Schwab Corp.’s incoming chief executive officer, Rick Wurster, said the firm is looking to offer spot cryptocurrency trading once U.S. regulations make doing so easier — something that’s more likely once President-elect Donald Trump takes office.
“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.
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Competition for retail investors’ dollars has intensified since the pandemic and even more so since the U.S. 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.
