Global investment bank Morgan Stanley is preparing to introduce cryptocurrency trading to its E*Trade platform, Bloomberg reported on Thursday, citing people familiar with the matter. The feature, still under development, could launch next year and would allow clients to transact directly in leading digital assets, including bitcoin and ether.

Executives are currently evaluating infrastructure requirements and considering partnerships with established crypto-native firms. The initiative, if executed, would represent one of the most substantial direct crypto retail offerings by a U.S. systemically important financial institution.

U.S. macro policy has shifted notably in favor of digital assets following regulatory reversals under the Trump administration. One of the administration’s early actions in 2025 included the repeal of SAB 121 by the U.S. Securities and Exchange Commission (SEC), removing capital constraints that previously discouraged custodial engagement with crypto. In addition, the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Comptroller of the Currency (OCC) rescinded prior guidance on digital assets. These reversals have effectively enabled traditional finance to re-enter the sector with greater flexibility.

Trump’s regulatory stance has gone beyond structural deregulation. In March, the administration established a U.S. Strategic Bitcoin Reserve via executive order, consolidating bitcoin seized through federal enforcement actions. A parallel directive created a Digital Asset Stockpile under Treasury oversight, targeting custody and allocation of non-bitcoin tokens such as ether, solana, XRP, and cardano.

The Trump administration also replaced multiple agency heads with deregulatory appointees, including Paul S. Atkins at the SEC, and moved to terminate ongoing enforcement actions against Coinbase, Ripple, and others. Market participants have responded favorably, while critics warn of heightened systemic risk and regulatory capture.

Until now, E*Trade’s exposure to crypto has been limited to derivatives and public equity vehicles, including CME bitcoin futures, spot and futures-based exchange-traded funds (ETFs), and crypto asset trusts. These instruments offer indirect price exposure but do not support physical settlement or on-chain custody. The proposed platform expansion would enable E*Trade users to access the spot market, potentially competing with incumbent crypto exchanges on execution and fee structure.

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