PANews reported on November 22 that according to Bloomberg, Charles Schwab's incoming CEO Rick Wurster said that the company plans to launch spot cryptocurrency trading after the US encryption regulations improve. Wurster said in an interview, "We expect the regulatory environment to change and are preparing for this possibility."
Currently, Charles Schwab already offers crypto-related ETFs and crypto futures, but has not yet directly entered the spot trading market. Wurster mentioned that cryptocurrencies have attracted a lot of attention, but he personally has no investment plans for the time being, although he supports clients to invest in crypto assets. The competition faced by Charles Schwab has significantly intensified after the epidemic and the US presidential election. The company is competing fiercely for retail funds with traditional platforms such as Fidelity and Interactive Brokers and emerging platforms such as Robinhood and Webull. In addition, Wurster also mentioned that artificial intelligence is having a significant impact on wealth management business, and the company has used AI to significantly improve customer service efficiency.
Wurster will take over as CEO in early 2025, and current CEO Walt Bettinger will retire.
