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Why the SEC's green light for Bitcoin ETFs failed to convince Charles Schwab & Co. to make crypto trading available to its 32.5 million retail accounts

The $7.6 trillion in administered assets giant sees mixed signals from regulators who are drawing lines as it goes along -- treacherous regulatory conditions for a big company not built to shift course at a whim.

Author Oisin Breen October 28, 2021 at 1:21 AM
Admin:
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Walt Bettinger: If and when there is greater regulatory clarity for firms under our regulatory regime we would look forward to being able to offer direct trading.

Brian Murphy

Brian Murphy

October 31, 2021 — 5:01 AM
The approval for crypto ETFs was limited to ETFs holding only futures contracts on underlying Bitcoin, and (so far) does not allow ETFs that hold BTC directly. Hmm...why would that be? So, if one were to buy BITO, you aren't actually buying bitcoin at all - but instead placing a "side-bet" (with the other side of the futures contracts) on how BTC as an asset performs. If anything, this ETF structure "bleeds" demand for BTC from the spot market. So that $1.1 Billion in BITO assets might not find its way into boosting the demand for BTC at all!

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A canary in the coal mine, Amy Richardson left Charles Schwab & Co. for an RIA -- before the 2,000 layoffs -- now a robust job market is saving the Schwab diaspora, she says

The former Schwab director wants former colleagues to know life exists after Schwab and good job opportunities are plentiful in the financial services sector.

December 20, 2023 at 1:52 AM

Biz Briefs: The sorry scene at my local First Republic branch • Schwab launches new (smaller) lay-off round • Schwab hoovers pennies passing FINRA fee to clients • Gensler pleas for funds • Fidelity owner's private equity pres. retires • an Orion-Envestnet staff switcheroo • LPL dumps FutureAdvisor

Range Rovers screeched in and drivers joined a grim queue to get their cash, and cookie • The Schwab-TDA deal cull count now stands at roughly 3.5% of its staff • FMR's hockey star president has stepped down • SEC chief wants more enforcers • An Envestnet executive proves joining a rival is good business • LPL now has an in-house robot.

April 29, 2023 at 1:36 AM

Another RIA whisperer, Julian Lopez, has left Schwab Advisor Services after 24 years to join LPL, which he sees as more advisor-focused and 'entrepreneurial'

The Houston executive, like Kelly Smith in Chicago, was considered a key service talent for RIAs though Lopez says his circumstances differ.

February 23, 2023 at 8:14 AM

Biz Briefs: Schwab puts checks for $52 million in mail to robo-RIA customers allegedly misled about cash allocations • BlackRock blacklisted (again) • iShares beats NZAM-exiter Vanguard • Fidelity makes first acquisition in eight years • CFP board realizes Moms don't like CFPs

BlackRock gets Kentucky coal in stocking, and Vanguard keeps skating; iShares inches above -- by 2.8% -- Vanguard's annual net new ETF asset haul; Fidelity takes "natural next step" for stock plan business; new CFP chair outlines plans and the DOJ is set to become a major Robinhood shareholder..

January 13, 2023 at 3:01 AM

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