Why Charles Schwab Finally Decided to Enter Spot Crypto Market?
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Investment giant Charles Schwab finally announced its entry into the spot crypto market citing improvements in the regulatory environment and growing optimism in the Donald Trump administration. Rick Wurster, the incoming CEO of the firm, stated that they are looking to offer spot crypto trading services as regulatory conditions become friendlier. Why Charles Schwab Is Offering Spot Crypto Trading? With the rising maturity of the crypto market through institutional participation, Charles Schwab is planning to offer spot crypto trading services. Rick Wurster said that they would make a move as US regulations become easier, which is more likely to happen after President-elect Donald Trump takes office. “We will get into spot crypto when the regulatory environment changes, and we do anticipate that it will change, and we’re getting ready for that eventuality,” said Wurster. The Donald Trump team is willing to have a White House position for a crypto leader, directly reporting to the President. The latest report shows that former CFTC Chair Chris Giancarlo will be heading the crypto czar role at the White House. After Gary Gensler stepped down on Thursday, the markets are keenly awaiting the announcement of the next SEC Chair. Reports suggest that pro-crypto former SEC Commissioner Paul Atkins is among the leading contenders for this position. Charles Schwab already has a presence in the crypto space alongside Interactive Brokers and Fidelity Investments. Currently, it offers trading for crypto futures and other crypto-linked exchange-traded funds (ETFs). However, they are facing increasing competition from new-age companies like Robinhood Markets and Webull, which cater to retail players and their demands. Robinhood stepped up the game by relisting XRP, SOL, and ADA last week. Thus, as the market for grabbing retail investments gets competitive, the Schwab group is exploring avenues in the crypto space. Moreover, with Donald Trump winning…
Filed under: News - @ November 22, 2024 7:19 pm