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Wall Street investment banking giant Morgan Stanley is reportedly considering adding cryptocurrency trading to its online e-commerce brokerage platform.
According to a January 2 report According to The Information, the wealth manager’s decision is based on the more favorable digital asset policy expected in the United States under new President Donald Trump, who wants to make the United States “the crypto capital of the world.”
Morgan Stanly could challenge Coinbase’s market dominance
Morgan Stanley completed its acquisition of E-Trade in 2020 in a $13 billion all-stock transaction. If Morgan Stanley adds cryptocurrency trading to E-Trade, it will make it one of the largest traditional retail brokerages to implement support for digital asset trading. This could lead to healthy competition for the leading US crypto exchange, Coinbase.
Other traditional brokerage firms such as brokers Robinhood, Fidelity and Interactive already offer crypto trading on their respective platforms. Meanwhile, Charles Schwab is also reportedly planning to add cryptocurrency trading this year.
Trump aims to cement the US as a global crypto leader
In 2024, Trump made several promises to crypto 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 build a strategic reserve of BTC to fight against growing debt of the country. Trump has promised to also appoint pro-crypto leaders to key regulatory agencies.
🇺🇸 Donald Trump to do #Bitcoin a strategic reserve asset for the United States.
LET’S FUCKING GOOO 🚀 pic.twitter.com/XxsSkwUdKR
– Vivek⚡️ (@Vivek4real_) November 5, 2024
With Trump’s inauguration set for January 20, a series of developments have already taken place that could benefit the crypto industry. U.S. Securities and Exchange Commission (SEC) Chairman Gensler has submitted his resignation, potentially ending the agency’s war on the digital assets industry.
Trump also announced the appointment of the former CEO of Paypal David Sacks as AI and crypto czar. Meanwhile, the US president-elect has named Elon Musk and Vivek Ramaswamy to head the proposed new Department of Government Effectiveness to optimize government spending.
US lawmakers who enjoyed the support of crypto industry executives during their respective primaries or elections will also be sworn in today.
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