TD Ameritrade CEO: We're Taking 'Crawl, Walk, Run' Approach to Crypto

The firm's early investment in derivative platform ErisX may enable the firm to expand their crypto investment opportunities.

AccessTimeIconJul 25, 2019 at 2:30 a.m. UTC
Updated Aug 18, 2021 at 12:51 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

TD Ameritrade’s outgoing CEO has issued new statements indicating that clients are asking for investment opportunities in cryptocurrencies and that his firm may be looking for ways to serve that need.

Tim Hockey, who tendered his resignation earlier this week, told The Street Tuesday he is taking a "crawl, walk, run approach" toward offering digital assets on the brokerage platform. The firm represents $1.3 trillion in assets for nearly 11 million clients.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • Since 2018, TD has reportedly offered trading in bitcoin futures to investors through the Chicago Mercantile Exchange. It also reportedly lists investment opportunities in blockchain-focused firms, but not digital assets directly. However, consumer demand is pushing the firm to increase their cryptocurrency offerings.

    "Clients are asking for it," Hockey said. Adding, “Our investment in ErisX at some point may allow us,” referring to the crypto-denominated trading platform the firm placed an early stake in.

    As previously reported, the U.S. Commodity Futures Trading Commission (CFTC) licensed ErisX to offer derivatives and futures contracts. The firm already held a designated contract market (DCM) license.

    Despite these greenlight, Hockey still has his reservations especially regarding the industry’s regulatory uncertainty.

    Hockey said:

    "We would like to be able to participate, but we want to be comfortable with the risk to our clients and ourselves in a world where crypto has still got lots of debate about a number of items that we're all hearing about."

    TD Ameritrade photo vis Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.