US-based banks are voicing their intentions to expand crypto involvement, in the backdrop of US President Donald Trump’s return to the White House with promises of pro-crypto regulations. Morgan Stanley CEO Ted Pick reportedly said that the bank wishes to explore if it can act as a crypto transactor while keeping its regulatory obligations intact. In order to do so, the CEO said that the New York City-headquartered bank plans to ramp up discussions with US regulators in the coming months.
The CEO revealed the bank’s plans on the sidelines of the World Economic Forum (WEF 2025) in Davos. Pick told a CNBC correspondent said that Morgan Stanley will be working with the US treasury and other relevant agencies to assess how safe would it be for the bank to foray into crypto services.
Pick also discussed the recent frenzy surrounding President Trump and First Lady Melania Trump’s memecoins. “I think there is liquidity. I think the broader question is whether some of this has come of age, whether it’s hit escape velocity, you know, time is the front the longer it (cryptocurrency) trades. And you know, perception becomes reality. For us, the equation is really around whether we as a highly regulated financial institution can act as transactors or follow the money,” he said
In the past, Morgan Stanley has taken a few steps to foray into crypto services. In August 2024, the Wall Street bank reportedly started allowing its financial advisors to recommend Bitcoin-backed ETFs to select high net worth clients. Due to regulatory uncertainty, the bank continued to maintain its distance from engaging with virtual assets.
The crypto industry is waiting for US President Donald Trump’s pro-crypto promises to materialise. Just days after Trump’s inaugural ceremony, the US SEC set up a task force, tasked with the responsibility of accelerating the drafting of crypto rules. The US President previously stated that he plans to make BTC a reserved asset in the US.
Earlier this week, the chairperson of the Bank of America also predicted that traditional banks are likely to go bullish on crypto-related services once the regulations are more defined under President Trump.