Morgan Stanley, one of the largest investment banks in the world, is planning to introduce crypto trading on its consumer platform to the latest transfer of a traditional financial institution to achieve President Donald Trump's deregulation of the crypto industry.
Banking Giant plans to allow its customers to buy and sell crypto in its subsidiary, e*trade, starting next year, according to a Bloomberg Reportmentions “people who are familiar with this matter.” In order to establish and maintain the complex mechanisms needed to trade crypto, the company has been reported to be considering cooperation with one or more established crypto companies, according to the report.
Morgan Stanley refused to comment in contact by Fate. E*trade does not immediately respond to a request for comment from Fate.
E*trade, which Morgan Stanley obtained in 2020 for $ 13 billion, was a trading platform that offered stocks, options and other ownership. It currently has more than 5 million users with access to Bitcoin and Ethereum in the form of funds exchanged by exchange-assets exchanged in the stock market that monitor the price of cryptocurrencies-but cannot invest directly in digital properties.
If Morgan Stanley is doing good in reported crypto ambitions, it will enter a tight field, facing competition from popular crypto trading platforms such as Robinhood and Coinbase.
The reported interest from Morgan Stanely to being more involved in crypto trading came to the heel of a federal reserve announcement Last week it saved guidance from 2022 and 2023 that encouraged banks to be careful when communicating with cryptocurrencies and related activities. In the same breath, the Fed said “consider if the additional guide to support the change, including crypto asset activities, is appropriate.”
President Donald Trump made his pro-crypto stance clearly, Promise To make America “the crypto capital of the world.” Within his first 100 days in office, the President reversed many of the crypto -related actions that took place under the Biden Administration, established a national bitcoin reserve, and supported the development of a regulatory framework for the industry.
Many traditional financial companies have exploited the regulation of regulation in US Fidelity Investments have announced that it began testing its own stablecoin in March. In addition, in February CEO of Bank of America Brian Moynihan expressed interest in entering the Stablecoin market once a regulation framework was passed by lawmakers.
This story was originally featured on Fortune.com
