Morgan Stanley, one of the world’s largest investment banks, is planning to introduce crypto trading to consumer platforms in the latest moves by traditional financial institutions to take advantage of President Donald Trump’s deregulation of the crypto industry.
According to a report from Bloomberg, the banking giant plans to allow customers to buy and sell Crypto within the next year. The report reportedly plans to partner with one or more established crypto companies to establish and maintain the complex mechanisms needed to trade crypto.
Morgan Stanley declined to comment when contacted by Fortune. E*Trade did not immediately respond to a request for comment from Fortune.
Acquired by Morgan Stanley for $13 billion in 2020, E*Trade is a trading platform that offers stocks, options and other assets. Currently, there are over 5 million users with access to Bitcoin and Ethereum in the form of exchange sales funds. It is traded in the stock market that tracks the price of cryptocurrency, but it cannot directly invest in digital assets.
Morgan Stanley successfully does his reported crypto ambitions and enters a busy field in the face of competition from popular crypto trading platforms such as Robinhood and Coinbase.
The reported interest in Morgan Stanley’s involvement in crypto transactions follows the Federal Reserve announcement last week that it retracted guidance from 2022 and 2023, urging banks to be wary when dealing with cryptocurrencies and related activities. Similarly, the Fed said it would “consider whether additional guidance is appropriate to support innovation, including crypto assets activities.”
President Donald Trump has made clear about his procrypted attitude and has pledged to make America the “crypto capital of the world.” Within the first 100 days of his inauguration, the president overturned many of the crypto-related enforcement measures under the Biden administration, establishing a national Bitcoin reserve and assisting in developing regulatory frameworks for the industry.
Several traditional financial companies have already taken advantage of the changing regulatory environment of US fidelity investment and announced in March that they began testing their own Stablecoin. Additionally, in February, Bank of America CEO Brian Moynihan expressed interest in entering the stubcoin market after the regulatory framework was passed by lawmakers.
This story was originally featured on Fortune.com.