Incoming Charles Schwab CEO, Rick Wurster, has announced plans for the company to offer spot cryptocurrency trading once there is more clarity on regulations in the U.S. Wurster, set to assume the CEO role next year, has conceded that he feels “silly” for not personally buying into crypto yet, seeing the substantial profits amassed by those who did.
The financial giant plans to support clients interested in investing in digital assets, even though Wurster isn’t planning to invest himself. He stated that the company is anticipating positive alterations to the U.S regulatory environment, allowing for more direct trading in crypto.
As it stands, Charles Schwab customers have shown considerable activity in the crypto space via current offerings like exchange-traded funds (ETFs) and futures. The firm is operating in an increasingly competitive sphere, with traditional rivals like Fidelity, as well as newer digital trading platforms such as Robinhood and Webull.
Outside of crypto, Wurster highlighted the role of artificial intelligence in improving the firm’s efficiency. An AI system has drastically reduced the time spent searching for information to answer client inquiries.
This announcement accompanies a leadership transition at Charles Schwab, as current CEO Walt Bettinger prepares to step down after heading the company since 2008. Wurster, the incoming CEO, is set to lead from January 1 next year.