Morgan Stanley, a leading global investment bank, is set to launch cryptocurrency trading on its consumer platform. This move aligns with efforts by traditional financial institutions to leverage changes under President Donald Trump’s deregulation of the crypto industry.
According to a Bloomberg report citing sources familiar with the matter, Morgan Stanley aims to enable its customers to trade cryptocurrencies on its subsidiary, E*Trade, beginning next year. To manage the complexities of crypto trading, the bank is reportedly considering partnerships with established crypto firms.
Morgan Stanley chose not to comment on the matter when approached by Fortune, and E*Trade has yet to respond to a request for comment.
E*Trade, acquired by Morgan Stanley in 2020 for $13 billion, is a trading platform offering stocks, options, and other assets. The platform currently serves over five million users, who can access Bitcoin and Ethereum via exchange-traded funds that track these cryptocurrencies’ prices, but cannot directly invest in them.
Should Morgan Stanley proceed with its crypto trading plans, it will face competition from established platforms such as Robinhood and Coinbase.
Interest in expanding into crypto trading comes shortly after the Federal Reserve’s recent announcement, which rescinded previous guidance urging caution in crypto dealings. The Fed stated it would consider additional guidance to support innovation in crypto-asset activities.
President Donald Trump has expressed a strong pro-crypto stance, pledging to transform America into the “crypto capital of the world.” In his initial 100 days in office, he has reversed many enforcement actions from the previous administration, established a national Bitcoin reserve, and advocated for a regulatory framework for the industry.
Several traditional financial companies are already taking advantage of the new regulatory environment in the U.S. Fidelity Investments started testing its own stablecoin in March, and Bank of America’s CEO, Brian Moynihan, has shown interest in entering the stablecoin market pending regulatory approval.
This story was originally featured on Fortune.com.
