Is the Fed the final boss? Morgan Stanley: 3 hurdles remain for Bitcoin to be included in bank assets

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Bitcoin is officially being integrated into the banking system, moving from imagination to reality. Amy Oldenburg, Head of Digital Asset Strategy at Morgan Stanley, expects that Bitcoin will inevitably appear on the balance sheets of major U.S. banks in the future, though several hurdles remain to be cleared. Amy Oldenburg revealed at the Bitcoin Conference in Las Vegas that as client demand continues to heat up, the Wall Street investment bank is actively paving the way to expand its digital asset footprint. She stated: "We have been deeply involved in the digital asset space for many years, and the current regulatory environment is more supportive of our efforts than ever before." **Fed and International Standards Remain Key Obstacles** Amy Oldenburg also mentioned that while it is possible for U.S. banks to eventually include Bitcoin on their balance sheets, reaching a point where banks of Morgan Stanley's scale can hold Bitcoin requires overcoming several major hurdles, including the stance of the Fed, the Basel Accords (global banking regulatory standards), and the need to obtain consensus and approval from multiple global regulatory bodies. In fact, Morgan Stanley is not the only Wall Street giant bullish on the banking industry's entry into the crypto space. Robin Vince, CEO of BNY, stated in March this year that large financial institutions will act as a bridge between traditional finance and digital assets, leading the next wave of cryptocurrency adoption; however, he also emphasized that regulatory clarity remains the primary prerequisite before banks decide to go "all in." **Morgan Stanley's MSBT Attracts Over $100 Million in 6 Days** Although regulations are still being refined, Morgan Stanley has not stood still. Amy Oldenburg stated that the bank recently launched a spot Bitcoin ETF, "MSBT." This is not only a major breakthrough for Morgan Stanley but also the first time a U.S. chartered bank has issued such a product. Even more impressively, MSBT attracted over $100 million in its first 6 trading days, with all funds coming from "proactive" client investments, even before Morgan Stanley's own financial advisors began recommending the product to clients. **Advisors Lag Behind Client Demand, Internal Training Accelerating** Amy Oldenburg pointed out that there is currently a clear gap between the products financial advisors offer to clients and the actual needs of those clients. Although Morgan Stanley suggests that clients allocate 2% to 4% of their assets to Bitcoin, the pace of promotion is clearly lagging, primarily due to a lack of education and training. She revealed that up to 80% of ETP investment positions on Morgan Stanley's wealth management platform are self-directed by clients. To address this, the bank has launched an internal training program to help financial advisors improve their skills. The market's demand for "compliant Bitcoin investment channels" is an undeniable fact. Taking the spot Bitcoin ETF "IBIT" issued by asset management giant BlackRock as an example, since its launch in January 2024, its assets under management have surged past $61 billion, setting a record as the fastest-growing ETF in history. **Next Step: OCC Digital Trust Charter to Enable Direct Custody and Spot Trading** Looking ahead, Amy Oldenburg stated that Morgan Stanley is currently actively applying for a "Digital Trust Charter" from the Office of the Comptroller of the Currency (OCC). Once approved, Morgan Stanley will be able to provide direct cryptocurrency custody services to clients and even open up cryptocurrency spot trading on its own wealth management platform. As for the current MSBT product, it uses a dual-custody model, with asset security managed jointly by the cryptocurrency exchange Coinbase and BNY.

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