New CHARLES Schwab CEO Rick Wurster says the company is looking to offer cryptocurrency spot trading once US regulations make it easier – which will be more likely once President-elect Donald Trump has took office.

“We will move into point crypto when the regulatory environment changes, and we anticipate that will change, and we are preparing for that eventuality,” Wurster, currently chairman of Schwab, said Thursday, November 21.

Competition for US dollars from retail investors has intensified since the pandemic and even more so since the US presidential election, which spurred the “Trump trade” and its explosion in market activity. Schwab has a long history in the space, alongside Fidelity Investments and Interactive Brokers Group, and they face challenges from newer companies like Robinhood Markets and Webull. New entrants and incumbents have competed to roll out new product offerings for investors.

Cryptocurrency has played a role in this competition. Schwab, for example, currently offers crypto-related exchange-traded funds and crypto futures.

“Crypto has certainly caught the attention of many, and they have made a lot of money doing it,” Wurster said. “I didn’t buy crypto, and now I feel stupid.”

Wurster said he has no plans to invest in crypto at this time, but he supports Schwab clients who want to do so.

Schwab faces a leadership change earlier this year, with Walt Bettinger handing over the CEO role to Wurster. Bettinger turns 65 next year and has led Schwab since 2008, and Wurster has been with Schwab since 2016 and president since 2021.

Also in Thursday’s interview, Wurster said artificial intelligence would likely have a substantial impact on the wealth management industry.

“Previously, 60,000 times a month, a telephone representative would spend more than three minutes searching for information to answer a customer’s question,” he said. “We have now created an AI capability that finds this information in seconds.” BLOOMBERG