Charles Schwab plans to add support for cryptocurrencies

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Charles Schwab, the largest investment brokerage firm in the United States, is ready to start working with cryptocurrencies, but is waiting for more regulatory clarity.

According to The Street, Charles Schwab CEO Walt Bettinger announced the company’s plans to enter the cryptocurrency market after regulators clarify the rules for the industry. He declared:

“We would like more regulatory clarity. If and when this happens, Schwab will become a player in this area just as it has participated in other investment opportunities. If Charles Schwab decides to participate in the cryptocurrency market, we will be very competitive, revolutionary and customer-focused. ”

Charles Schwab, founded in 1971, manages nearly 32 million accounts and more than $ 6 trillion in assets after acquiring its main rival TD Ameritrade for $ 22 billion last October. Recall that in September 2019, Charles Schwab rejected the possibility of working with cryptocurrencies. However, last fall it became known that Charles Schwab, Fidelity and Vanguard are diversifying their assets and buying shares in companies in the blockchain industry.

The company may well look forward to clearer regulation of cryptocurrencies in the near future. Legislators and regulators have repeatedly called for clarification of the rules for the industry. Community members also have high hopes for Gary Gensler, the new chairman of the US Securities and Exchange Commission (SEC), who is known for his knowledge of the cryptocurrency industry and understanding of how the technology works.

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