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Wall Street investment bank Morgan Stanley is reportedly considering adding cryptocurrency trading to its online E-trade brokerage platform.
According to the January 2nd report According to The Information, the asset manager’s decision is based on the United States’ more friendly digital asset policies expected under incoming President Donald Trump, who wants to make the country the “crypto capital of the world.”
Morgan Stanly could challenge Coinbase’s dominance in the market.
Morgan Stanley It completed its acquisition of E-Trade in 2020 in an all-stock transaction valued at $13 billion. Morgan Stanley’s addition of cryptocurrency trading to E-Trade will make it one of the largest traditional retail brokerages to implement digital asset trading support. This could lead to healthy competition from Coinbase, the leading cryptocurrency exchange in the US.
Other traditional brokerages such as Robinhood, Fidelity, and Interactive Brokers already offer cryptocurrency trading on their respective platforms. Meanwhile, Charles Schwab is also reportedly planning to add cryptocurrency trading this year.
Trump aims to solidify America as a global cryptocurrency leader
In 2024, Trump made several promises to cryptocurrency voters. Among them were promises to mine all remaining BTC in the United States, defend 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 soaring debt. Trump also promised to appoint cryptocurrency advocacy leaders to key regulatory agencies.
🇺🇸 Donald Trump will make #Bitcoin It is a strategic reserve asset of the United States.
F*CKING GOOO 🚀 pic.twitter.com/XxsSkwUdKR
— Vivek✓️ (@Vivek4real_) November 5, 2024
Trump’s inauguration is scheduled for January 20th, but there have already been a series of developments that could benefit the cryptocurrency industry. U.S. Securities and Exchange Commission (SEC) Chairman Gensler has submitted his resignation, possibly ending the SEC’s war on the digital asset sector.
Trump also announced the appointment of a former PayPal CEO. david sax As his AI and cryptocurrency emperor. Meanwhile, the US president-elect has appointed Elon Musk and Vivek Ramaswamy as heads of a newly proposed government efficiency unit to optimize government spending.
US lawmakers who received support from cryptocurrency industry leaders in their respective primaries or elections are also scheduled to be sworn into office today.
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