Here’s what happened in crypto today
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
AI-generated summary based on the linked source; not independently verified. This is not investment advice. Verify market-moving details at the original publisher before acting. See our editorial policy, AI content policy, and financial disclaimer.
Summary
Morgan Stanley’s brokerage platform E*TRADE has launched spot cryptocurrency trading for eligible retail clients, allowing them to buy, sell, and hold Bitcoin, Ether, and Solana. This service is offered through a partnership with crypto infrastructure provider Zero Hash, integrating digital assets alongside traditional investments within the E*TRADE platform. The brokerage serves approximately 8.6 million households and manages $1.56 trillion in assets as of March 31. Trades will incur a 0.50% fee, and custody of crypto assets will initially be held in separate Zero Hash accounts not covered by FDIC or SIPC insurance, with Morgan Stanley planning to transition custody to its own Digital Trust service once operational.
In the political arena, the US Senate unanimously adopted a nonbinding resolution opposing executive clemency for Sam Bankman-Fried, the former FTX CEO convicted of fraud and conspiracy related to the collapse of his cryptocurrency exchange. While the resolution (S. Res. 772) does not have the power to block a presidential pardon, it signals bipartisan Senate disapproval after Bankman-Fried reportedly sought clemency from former President Donald Trump. The resolution emphasizes the Senate’s commitment to maintaining the integrity of the US financial system.
Why it matters
Separately, President Donald Trump is scheduled to meet with senators at the White House to discuss the CLARITY Act, a legislative effort aimed at providing clearer regulatory frameworks for the crypto market. Lawmakers, including Senators Bernie Moreno and Cynthia Lummis, are pushing to advance the bill before the Senate’s August recess, viewing this as a critical window before the midterm elections. Senator Thom Tillis expressed hope that an agreement on unresolved provisions could be reached by the end of the week to facilitate the bill’s passage.
These developments reflect growing institutional engagement with cryptocurrencies and heightened regulatory scrutiny in the US. Morgan Stanley’s move signals increasing mainstream adoption and integration of crypto investments within traditional finance, while the Senate’s actions underscore the political challenges surrounding crypto governance and accountability. The forthcoming discussions on the CLARITY Act suggest potential regulatory clarity that could shape the trajectory of crypto market structure and oversight in the near term.