Asset manager Charles Schwab could enter the crypto exchange-traded fund (ETF) market following comments made by incoming CEO Rick Wurster.<\/p>\n
Wurster told Bloomberg that the company would offer spot digital currency trading if the U.S. regulatory environment changed.<\/p>\n
In a November 21 interview<\/a>, the financial services company\u2019s 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.<\/p>\n Schwab\u2019s interest in crypto is likely sparked by the current bullish<\/a> sentiment in the market. Analysts believe the heightened activity is due to what they call the \u201cTrump trade,\u201d set off by Donald Trump\u2019s victory in the recently concluded U.S. presidential election.<\/p>\n Wurster stated that the firm is \u201cgetting ready for the eventuality\u201d that regulations will make it easier to commence spot crypto ETF trading.<\/p>\n \u201cCrypto has certainly caught many\u2019s attention, and they\u2019ve made a lot of money doing it\u2026 I have not bought crypto, and now I feel silly,\u201d he admitted.<\/p>\n 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.<\/p>\n 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.<\/p>\n Like many other traditional banking giants, Charles Schwab is more likely to join the crypto industry following the announcement<\/a> of the resignation of Securities and Exchange Commission (SEC) Chair Gary Gensler.<\/p>\n According to a press release shared by the SEC, Gensler will step down on January 20, 2025, the day of Trump\u2019s inauguration.<\/p>\n The development has been met with optimism throughout the crypto industry. Like Rick Wurster, financial analysts anticipate a more \u201clegitimate and lawful<\/a>\u201d regulatory climate for digital assets under the Trump administration.<\/p>\n Moreover, crypto directly helped elect<\/a> more than 50 politicians into Congress, with Capitol Hill currently having over 260 pro-crypto legislators<\/a> who the industry hopes will pass laws favoring their interests.<\/p>\n Kristin Smith, the chief executive of the Blockchain Association, told<\/a> the BBC that everyone in the crypto community is excited that Gensler is leaving office. She claimed that he had only limited the industry\u2019s growth through his much-maligned regulation-by-enforcement<\/a> approach.<\/p>\n The post Charles Schwab to Launch Spot Crypto ETFs if Regulations Change<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" 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\u2019s incoming head said […]<\/p>\n","protected":false},"author":0,"featured_media":23005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-23004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/23004"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23004"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/23004\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/23005"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}SEC Chair\u2019s Resignation to Open Door for Mass Crypto Adoption?<\/h2>\n