E-Trade, Morgan Stanley’s online brokerage platform, is considering offering cryptocurrency trading services. Currently, it’s unclear when these changes will be implemented or how extensive they will be.
This bold move comes from expectations of progress in cryptocurrency regulation under the leadership of President Trump after he was elected.
Morgan Stanley Wants to Grab Market Share in the Potential Cryptocurrency Trading Market
According to reportMorgan Stanley is eagerly entering the cryptocurrency trading services market, as digital asset adoption becomes more widespread.
The company has long had an optimistic view on Bitcoin, but this year it only took an indirect approach. If it goes as planned with E-Trade, this will be a major new expansion.
For example, Morgan Stanley has been pushing crypto ETFs this year, deploying a team of 15,000 brokers to help promote them. They allow wealth advisors to offer Bitcoin ETFs and even invested nearly $300 million in it in October.
Clearly, this policy stems from expectations of favorable cryptocurrency regulations. Trump’s recent election victory has brought a strong bull market to the cryptocurrency industry, and Morgan Stanley is betting on even better news. Trump has pledged to bring about large-scale changes to cryptocurrency regulation, and E-Trade could benefit from this.
Although Morgan Stanley intends to proceed with this plan, it is still in the phase of exploring the possibility of implementing direct cryptocurrency services, and will need time to implement the details.
However, Trump’s term will begin in less than a month, and this could be a strong impetus for a speedy implementation.
