Wall Street has started creating channels for regular retail investors to buy crypto. Morgan Stanley launched a crypto trading pilot on E-Trade, with a fee rate of 50 bps, and plans to roll it out to E-Trade's 8.6 million users later. This is essentially them stepping in directly to compete with Binance and Coinbase for crypto entry points. Tokens available for purchase include BTC, ETH, and SOL. This is probably the most dangerous episode for CEXs.