Editor's note: This article has been updated to correct the name of Schwab's CEO.
What Happened: The announcement was made by Schwab CEO Rick Wurster during a conversation with CNBC on Friday, where he said, “We also anticipate launching Bitcoin and Ether sometime soon so that our clients have access to that… They really want to bring it back to Schwab because they trust us. They want it to sit alongside their other assets."
Wurster noted that a significant number of Schwab clients currently hold a small portion of their crypto, typically 1–2%, at "digital native firms" but prefer consolidating those assets within Schwab's existing wealth management infrastructure.
The firm expects this product rollout to be a growth driver.
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Why It Matters: With this move, Charles Schwab joins a growing list of major brokerages offering direct crypto access:
Schwab already has indirect crypto exposure through its participation in EDX Markets, a crypto exchange backed by Fidelity, Citadel Securities, and Virtu Financial. However, the forthcoming launch marks Schwab's first direct retail crypto offering.
The development comes as the U.S. Congress advances the CLARITY Act, landmark legislation passed by the House of Representatives in June.
The Act establishes clearer regulatory boundaries between the SEC and CFTC, creates tailored rules for decentralized networks, and provides a structured framework for token classification.
The CLARITY Act aims to replace the current patchwork of enforcement with defined compliance pathways, giving traditional financial institutions the confidence to enter the digital asset space with fewer legal uncertainties.
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