Charles Schwab to launch a spot crypto exchange after US regulatory changes

What’s new? US bank Charles Schwab plans to launch spot trading of cryptocurrencies when the country’s regulatory framework changes. According to Charles Schwab President Rick Wurster, who is preparing to transition to CEO, the bank is actively preparing for these changes, expecting them in the near term.

Material by Bloomberg

What else is known? At the moment, Charles Schwab already offers trading in exchange-traded funds (ETFs) shares and cryptocurrency-based futures. Wurster acknowledged that the digital asset market has attracted a lot of attention and its participants have made a lot of money. He also added that he has not invested in cryptocurrency himself and now feels “silly.”

Although the senior executive is not going to buy digital assets himself just yet, he supports the bank’s clients who want to do so.

In early 2025, the bank will undergo a leadership change, with Walt Bettinger ceding the CEO position to Wurster. Bettinger will turn 65 next year and has led Charles Schwab since 2008. In turn, Wurster has been at Charles Schwab since 2016 and has been president since 2021.

The bank itself also offers a number of exchange-traded funds, including the Schwab Crypto Thematic ETF based on an index of crypto companies.

Last July, Charles Schwab launched EDX Markets (EDXM), an institutional crypto exchange, in partnership with market maker Citadel Securities and investment firm Fidelity. Its custodian is Anchorage Digital. In November of the same year, the platform inexplicably delisted Bitcoin Cash (BCH) and now only supports bitcoin, Ethereum, and Litecoin.

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The market expects a softening of crypto regulation in the United States and the implementation of clearer rules after Donald Trump takes office as president in January. The politician himself during the election campaign repeatedly stated the need to support the crypto industry.

After Trump’s election victory on November 5, the crypto market went up sharply, and bitcoin updated its all-time high several times. A new record was set on November 22 at above $99 200.

Cryptocurrency supporters have joined the new president’s team, and have also taken a majority of seats in both houses of Congress, which will make it easier to pass a new regulatory framework for the industry.

Earlier this month, the launch of a spot crypto exchange in the US was announced by the team at leading blockchain analytics platform Arkham Intelligence. The developers emphasized that users would be able to access trading only if it is allowed by the laws of their state.