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Takeaways
- Morgan Stanley executives are looking into adding spot cryptocurrency trading to its E*Trade platform sometime next year, Bloomberg reported Thursday.
- Bitcoin’s price has risen to its highest level since late February, following the report.
- The report comes at a time when regulators under the Trump Administration have taken a softer approach to crypto enforcement.
Banking giant Morgan Stanley (MS) is looking to bring cryptocurrency trading to clients through its E*Trade platform, according to a report Thursday.
Bloomberg reported, citing people familiar with the issue, that discussions are underway within the bank to add spot cryptocurrency trading. The service is expected to be introduced in 2026 by the bank’s executives, according to Bloomberg.
The report said the bank "is considering partnering with one or multiple established crypto firms" as it looks into the best methods for adding trading to the platform.
Bitcoin (BTCUSD), a cryptocurrency, recently traded just below $97,000. Its highest level was in late February. Shares of Robinhood dropped 4% and those of Coinbase rose slightly. This is because the companies may face increased competition in the crypto trading market if large banks start to get involved.
The report is released as the Trump administration has taken a more lenient stance towards crypto enforcement. The crypto industry executives cheered Trump’s victory, and President Donald Trump said he wanted to make the U.S. “the crypto capital of the world.”
Morgan Stanley did not respond immediately to a comment request.
