Morgan Stanley Mulls Adding Crypto To E-Trade Platform

Join Our Telegram channel to stay up to date on breaking news coverage

Wall Street investment banking giant Morgan Stanley is reportedly considering adding crypto trading to its online E-trade brokerage platform.

According to a Jan. 2 report by The Information, the wealth manager’s decision is based on the anticipated friendlier digital asset policy in the US under incoming President Donald Trump, who wants to make the US “the world’s crypto capital.”

Morgan Stanly Could Challenge Coinbase’s Dominance In the Market

Morgan Stanley completed its acquisition of E-Trade in 2020 through a $13 billion all-stock deal. If Morgan Stanley adds crypto trading to E-Trade, it would make it one of the biggest traditional retail brokerages to implement support for digital asset trading. This could lead to some healthy competition for the leading US crypto exchange, Coinbase.

Other traditional brokerage firms such as Robinhood, Fidelity and Interactive brokers already offer crypto trading on their respective platforms. Meanwhile, Charles Schwab also reportedly plans to add crypto trading this year.

Trump Aims To Cement US As A Global Crypto Leader

In 2024, Trump made several promises to crypto voters. Among them was the promise to mine all remaining BTC in the US, advocate for Bitcoin miners in the White House, fire Gary Gensler on his first day in office, and form a strategic BTC reserve to combat the country’s ballooning debt. Trump promised to appoint pro-crypto leaders to key regulatory agencies as well.

🇺🇸 Donald Trump to make #Bitcoin a strategic reserve asset for the USA.

LET’S F*CKING GOOO 🚀 pic.twitter.com/XxsSkwUdKR

— Vivek⚡️ (@Vivek4real_) November 5, 2024

While Trump’s inauguration is set for Jan. 20, there have already been a series of developments that could benefit the crypto industry. US Securities and Exchange Commission (SEC) Chair Gensler has handed in his resignation, potentially bringing an end to the agency’s war on the digital asset sector.

Trump has also announced the appointment of former Paypal CEO David Sacks as his AI and crypto czar. Meanwhile, the US President-elect has named Elon Musk and Vivek Ramaswamy to head a new proposed Department of Government Efficiency to optimize government spending.

US lawmakers who benefited from the support of crypto-industry leaders in their respective primaries or elections will also be sworn into office today.

Newest Meme Coin ICO – Wall Street Pepe