Morgan Stanley doubles down on crypto, files for bank charter to custody digital assets and offer staking: Bloomberg

Morgan Stanley isn’t finished with crypto.

The Wall Street giant has filed for a de novo national trust bank charter that would allow it to custody digital assets, according to reporting from Friday.

The behemoth financial institution said it will use the charter to also conduct staking and trading for its investment clients. An application from Morgan Stanley Digital Trust for a new national bank charter was filed on Feb. 18, according to the website of the Office of the Comptroller of the Currency, though the public listing does not include additional details.

The move marks a notable continued change in Morgan Stanley’s crypto posture. In recent months, the bank has shifted from a more cautious approach to a more assertive embrace of digital assets — mirroring a broader trend among traditional financial institutions. 

Last month, the bank tapped veteran executive Amy Oldenburg to lead its digital asset strategy in a newly created role. Earlier in the year, Morgan Stanley filed to list spot bitcoin and Solana ETFs and said it plans to launch a proprietary digital wallet later this year.

Morgan Stanley's application with the OCC comes after crypto-native firms received conditional approval, including most recently Crypto.com and Stripe subsidiary Bridge. In one big move, the OCC earlier granted conditional approval to Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos in December.