Charles Schwab is preparing to enter the cryptocurrency trading market when regulations in the US become more favorable, the company’s new CEO Rick Wurster has confirmed.
The announcement comes as Schwab undergoes a significant leadership transition, with Wurster expected to take over the reins from current CEO Walt Bettinger at the beginning of the year.
“We will get involved in cryptocurrencies when the regulatory environment changes, and we anticipate that it will,” Wurster said in an interview with Bloomberg on Thursday. He expressed confidence that a change in regulatory policy could accelerate under President-elect Donald Trump, adding: “We are preparing for such an eventuality.”
While Schwab has not yet taken on direct cryptocurrency trading, the company has long maintained a foothold in this space, offering cryptocurrency-related exchange-traded funds (ETFs) and cryptocurrency futures. However, Wurster acknowledged that competition in the financial services industry is fierce, especially as newer platforms such as Robinhood and Webull continue to attract retail investors with user-friendly cryptocurrency offerings.
Wurster regrets not investing in cryptocurrencies
“Crypto has certainly caught the attention of a lot of people and they’ve made a lot of money from it.” – Wurster said, although he admitted that he had not yet personally invested in cryptocurrency, joking, “Now I feel stupid.”
Beyond cryptocurrencies, Wurster highlighted the transformative potential of artificial intelligence (AI) in Schwab’s operations. The company has used AI to improve customer service, reducing the time it takes to locate key information from minutes to mere seconds.
With Wurster, a Schwab veteran since 2016, taking on the role of CEO, the company will be ready to adapt to changing market demands while taking advantage of new technology and investment opportunities. As Trump’s team contemplates a White House crypto policy appointee, the industry expects a positive turnaround in the regulatory space in the coming years.
