The number of US-based financial institutions looking into launching cryptocurrency services continues to grow, and the latest to join the ranks is Charles Schwab. Nevertheless, founded in 1971, Charles Schwab expects clearer crypto regulations before opening such products to the 32 million brokerage accounts employing its services. Headquartered in Texas, Charles Schwab is an American multinational financial services firm that has over $3 trillion in Assets Under Management (AUM).
Charles Schwab is monitoring the cryptocurrency space.
Earlier, the financial firm giant noted that it’s monitoring the cryptocurrency space in order to launch related services for its multi-million user base. According to coverage from The Street, Schwab’s chief executive officer, Walt Bettinger, told company analysts what has to change before the organization goes into crypto. He said, “We would like to see more regulatory clarity. And if and when that comes, you should expect Schwab to be a player in that space in the same way it has been a player in other investment opportunities across the spectrum.”
US regulators expected to take a positive approach towards crypto.
The US government has dabbled with several ideas on how to insert a legislative framework on the crypto industry. Previous propositions published by FinCEN were met with extreme pessimism from crypto companies and were placed on hold after the Biden administration came into power. Recent reports claim that Janet Yellen, the Treasury’s Secretary, and the newly-appointed SEC Chair, Gary Gensler, are working on concise regulation as well. US banks have warmed up to cryptocurrencies in recent times. The oldest US bank, BNY Mellon, was among the first as it became a crypto custodian in February this year. Goldman Sachs, a former vocal crypto critic, relaunched its digital asset trading desk and plans to release bitcoin offerings for wealth managers soon.