Charles Schwab Corp is looking more attentively at the cryptocurrency market and is waiting for regulators to give more guidance around the digital currencies before considering offering crypto capabilities on its platform.
“We would like to see more regulatory clarity,” said Schwab’s Chief Executive Officer Walt Bettinger on a call with analysts. “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.”
The U.S. Securities and Exchange Commission appears likely to draft its first guidelines for cryptocurrencies after the agency’s new chairman, Gary Gensler, earlier this month promised to provide “guidance and clarity” to the rapidly evolving market.
The value of cryptocurrencies has experienced a multi-fold rise in recent years, driven in part by investors seeking high-yielding assets amid low interest rates.
If Charles Schwab choose to give all its clients access to cryptocurrency, it would open up the new asset class to its 31.9 million brokerage accounts.
“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.