Morgan Stanley E-Trade plans to offer crypto trading as Trump administration signals pro-crypto stance
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E-commerce plans to offer direct crypto trading amid regulatory optimism under Trump. The move makes e-commerce a major player in digital asset marketing.
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E-Trade, the online brokerage unit of Morgan Stanley, is studying plans to launch crypto trading services in anticipation of a more favorable regulatory environment under the Trump administration, The Information reported Thursday, citing sources familiar with the matter.
E-Trade, an established player in the online brokerage industry, does not offer direct crypto trading services.
The firm currently offers indirect exposure to digital assets through investment products such as futures, ETFs and stocks linked to crypto assets. These include Grayscale Bitcoin Trust (GBTC) and ProShares Bitcoin Strategy ETF (BITO), to name a few.
Morgan Stanley acquired E-Business in late 2020 in an all-out deal valued at $13 billion as it aims to strengthen its wealth management business. E-Trade's large client base and increased assets under management were intended to complement Morgan Stanley's existing wealth management operations.
If the move is implemented, the e-commerce would become one of the biggest traditional financial institutions to enter the digital asset trading space, creating direct competition with crypto exchanges such as Coinbase.
The move comes amid a trend toward institutional acceptance of crypto assets. Morgan Stanley has announced that in August 2024, clients with a net worth of at least $1.5 million will be able to access Bitcoin ETFs through its financial advisors.
Morgan Stanley has not officially confirmed the timetable for a possible crypto trading launch through its E-Trade platform.
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