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The company will use the entity to conduct trading and facilitate staking for its investment clients, with services offered throughout the US. Morgan Stanley's application is part of its efforts to bolster its digital asset business, as Wall Street firms seek to deepen their reach into the crypto markets.
Applications from digital-asset firms have sparked controversy. Trade groups representing banks have argued they stretch the purpose of the trust bank charter and could endanger consumers and the financial system. Comptroller of the Currency Jonathan Gould has defended the process, saying it helps to bring those firms under direct federal supervision.
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