Charles Schwab explores spot crypto ETF launch with $8.5 Trillion assets under management
Investors wants spot ETF
One of the largest asset managers, Charles Schwab, may enter the cryptocurrency exchange-traded fund (ETF) market following the departure of SEC Chair Gary Gensler and changes in U.S. regulatory policies.
This was revealed by Charles Schwab Corporation President Rick Wurster in an interview with Bloomberg.
According to Wurster, the company is poised to make a strategic shift once regulations make it easier to launch spot crypto ETFs.
He also acknowledged the growing influence of the cryptocurrency space, stating, “The crypto sphere has certainly caught the attention of many, and people have made a lot of money there. I didn’t buy crypto, and now I feel foolish,” admitted the executive.
Investors demand change
Early next year, Wurster is set to succeed current Co-President and CEO Walt Bettinger, positioning him to lead the company’s potential move into the cryptocurrency sector.
Currently, Charles Schwab manages approximately $8.5 trillion in assets. However, it only offers clients indirect exposure to the digital asset market through cryptocurrency-linked ETFs and futures. Investors are now urging Schwab to remain competitive by transitioning to direct cryptocurrency trading.
Amid criticism of the U.S. Securities and Exchange Commission's (SEC) aggressive stance towards the crypto industry, the agency has reported enforcement penalties for 2024.
