Schwab Waiting for Regulatory Clarity Before Deciding on Crypto Services: Report

Schwab’s CEO says the firm will be “highly competitive” and “disruptive” should it decide to participate.

AccessTimeIconApr 23, 2021 at 9:06 a.m. UTC
Updated Sep 14, 2021 at 12:45 p.m. UTC
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Charles Schwab is looking “closely” and “cautiously” at the crypto market, CEO Walt Bettinger said Thursday, according to a report.

  • “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,” Bettinger said on a call with analysts, according to Reuters.
  • Schwab provides banking and brokerage services to 31.9 million active accounts worldwide.
  • The company is waiting for greater regulatory clarity, according to Bettinger, something that could be forthcoming with the appointment of Gary Gensler as new chair of the U.S. Securities and Exchange Commission (SEC).
  • Prior to his appointment, Gensler told a Senate Banking Committee on March 3 that he would “work with fellow commissioners to both promote the new innovation, but also at the core to ensure investor protection.
  • “We would like to see more regulatory clarity,” Bettinger said. “And if that comes, you should expect Schwab to be a player in that space as it has been a player in other investment opportunities across the spectrum.”

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