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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 January 2 a report By The Information The wealth manager’s decision is based on the friendlier digital asset policy expected in the US under incoming President Donald Trump, who wants to make the US the “crypto capital of the world.”
Morgan Stanley could challenge Coinbase’s market dominance
Morgan Stanley It completed its e-commerce acquisition in 2020 through an all-stock deal valued at $13 billion. If Morgan Stanley adds cryptocurrency trading to E-Trade, it will make it one of the largest traditional retail brokerages offering support for digital asset trading. This could lead to some healthy competition for the leading US cryptocurrency exchange, Coinbase.
Other traditional brokerages like Robinhood, Fidelity, and Interactive Brokers already offer cryptocurrency trading on their own platforms. Meanwhile, Charles Schwab is also said to be planning to add cryptocurrency trading this year.
Trump aims to cement the US’s position as a global cryptocurrency leader
In 2024, Trump made several promises to voters in the area of cryptocurrencies. Among them were promising to mine all remaining Bitcoin in the United States, defending Bitcoin miners in the White House, firing Gary Gensler on his first day in office, and creating a strategic reserve of Bitcoin to combat the country’s ballooning debt. Trump promised to appoint pro-crypto leaders to key regulatory bodies as well.
🇺🇸 Donald Trump is made #Bitcoin A strategic reserve asset of the United States.
Let’s have good sex 🚀 pic.twitter.com/XxsSkwUdKR
– Vivek ⚡️ (@Vivek4real_) November 5, 2024
While Trump is scheduled to be inaugurated on January 20, there have already been a series of developments that could benefit the cryptocurrency industry. US Securities and Exchange Commission (SEC) Chairman Gensler has resigned, potentially ending the agency’s war on the digital asset sector.
Trump also announced the appointment of the former CEO of PayPal David Sacks As the czar of AI and cryptocurrencies. Meanwhile, the US President-elect has appointed Elon Musk and Vivek Ramaswamy to head a proposed new Department of Government Efficiency to improve government spending.
US lawmakers who benefited from the support of cryptocurrency industry leaders in their respective primaries or elections will also be sworn in today.
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