Morgan Stanley Explores Offering Crypto Services in the US

Morgan Stanley Explores Offering Crypto Services in the US

By: Isha Das

Morgan Stanley is pushing forward in the crypto arena with an announcement from its CEO, Ted Pick, that the banking giant is exploring ways to offer cryptocurrency services within the United States. This move signals a significant shift, affirming a growing mainstream acceptance of cryptocurrencies. During a discussion on CNBC's Squawk Box, Pick expressed the bank's intent to engage constructively with regulators to determine a safe approach to providing these services while upholding their commitment as a highly regulated financial institution.

Pick emphasized the necessity of regulatory engagement, noting that Morgan Stanley plans to collaborate with the United States Treasury and other key regulatory bodies. The goal is to establish a framework for crypto transactions that ensures safety and compliance. Additionally, he underlined that the maturation of new markets is new allies, suggesting that as time progresses, the public's perception and the reality of trading ecosystems tend to align more closely.

Contributing to the burgeoning interest in memecoins, a recent report by Chainalysis highlighted the role of memecoins associated with former President Donald Trump and Melania Trump, in drawing new retail investors to the crypto space. The report noted that nearly 50% of the investors in these memecoins were first-time Solana altcoin buyers, with many opening crypto wallets for the first time.

Morgan Stanley's interest in crypto services aligns with a broader trend among traditional financial institutions (TradFi) moving towards digital currencies. The bank's crypto subsidiary, E-Trade, is reportedly on the path to introducing spot trading services, contingent on a favorable regulatory landscape. Charles Schwab, another prominent financial player in the U.S., has also shown intent to enter the crypto market once there is regulatory clarity, signaling an impending tectonic shift in the financial services sector towards embracing cryptocurrency.

Get In Touch

[email protected]

Follow Us

© BlockBriefly. All Rights Reserved.