Charles Schwab needs regulatory clarity before offering crypto trading service, says CEO
April 23, 2021, 11:36AM EDT
1 min read
Charles Schwab, the largest investment broker in the U.S., needs regulatory clarity before offering crypto trading services.
In a spring business update on Thursday, Charles Schwab CEO Walt Bettinger said the company is "very closely" and "cautiously" looking at the crypto market but won't rush to offer services before regulatory clarity.
“I would expect as greater clarity is recognized potentially by regulators that we would consider offering capabilities in the crypto space," Bettinger said in response to an analyst's question. “If Charles Schwab, the company, decides to participate in the crypto market, we will be highly competitive, we will be disruptive, and we will be client-oriented."
In the meantime, Bettinger said Charles Schwab users can indirectly invest in crypto through other products available on the platform. These include crypto-related stocks, CME bitcoin futures, and Grayscale's bitcoin and ether-related trust products.
With regulatory clarity in hand, Schwab will be a player in the crypto space "in the same way it has been a player in other investment opportunities across the spectrum," said Bettinger.