In 18 months, investment firm Charles Schwab has 180’ed on the idea of offering cryptocurrency to its clients. Previously, the firm warned that cryptocurrencies were a purely speculative instrument. But now, based on client demand, it’s ready to make a move.
“If the company decides to participate in the crypto market we will be highly competitive, we will be disruptive, and we will be client oriented.”
There’s just one issue, the lack of regulatory clarity from the U.S. Securities and Exchange Commission (SEC). Aside from several high-profile lawsuits involving allegations of selling unregistered securities, there’s also the lack of a legal definition to contend with. With newly appointed Chair Gary Gensler at the helm, can we now expect the SEC to get its act together?
Financial Institutions Are Already Moving on Cryptocurrency
The past few months have seen a slew of big-name financial institutions greenlight cryptocurrency. BNY Mellon announced creating a new Digital Assets Unit dedicated to building the first multi-asset custody and admin platform for both traditional and digital assets.
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The CEO of Asset Servicing and Head of Digital at BNY Mellon, Roman Regelman, said growing client demand was a factor in the decision. Unlike Schwab, BNY Mellon is confident to press ahead despite the ambiguous regulatory…