Morgan Stanley has taken another major step into the cryptocurrency market, announcing that it will broaden access to crypto investments to all clients and allow such investments across all account types, including retirement accounts.
The expansion, which takes effect on October 15, marks a significant policy shift at the world’s largest wealth management firm and underscores how Wall Street is accelerating its embrace of digital assets under President Donald Trump’s crypto-friendly administration.
Previously, Morgan Stanley only allowed clients with at least $1.5 million in assets and a high-risk tolerance to gain exposure to crypto through taxable brokerage accounts. Now, the firm’s more than 15,000 financial advisors will be able to offer crypto funds to any client, regardless of wealth or risk profile. The decision follows last month’s announcement that the bank will enable trading of bitcoin, ether, and solana through its E-Trade subsidiary.
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Morgan Stanley’s move comes as it continues to defend its dominant position in the U.S. wealth management industry, where it oversees $8.2 trillion in client assets across its wealth and investment management operations. The expansion represents the latest sign that traditional finance institutions are moving swiftly to accommodate rising investor demand for digital assets following the Trump administration’s reversal of Washington’s previously cautious stance toward the sector.
To mitigate potential risks from the notoriously volatile crypto market, Morgan Stanley will rely on an automated system to monitor client portfolios and ensure that investors are not overly concentrated in digital assets, according to people familiar with the policy cited by CNBC. The bank’s global investment committee has also established a framework recommending that clients limit their initial crypto exposure to between 1% and 4% of their portfolios, depending on their investment objectives — ranging from wealth preservation to more aggressive growth strategies.
“The committee considers cryptocurrency as a speculative and increasingly popular asset class that many investors, but not all, will seek to explore,” said Lisa Shalett, Chief Investment Officer for Wealth Management at Morgan Stanley, in an October 1 report distributed to clients.
For now, advisors will be restricted to offering bitcoin funds managed by BlackRock and Fidelity, according to internal documents seen by CNBC. However, the firm is reviewing additional options as it monitors the evolving digital asset landscape. Clients who wish to do so can also request exposure to any exchange-traded crypto product listed on regulated markets.
Morgan Stanley’s pivot follows a wider trend among major U.S. banks adjusting their strategies to align with the Trump administration’s pro-crypto regulatory outlook. JPMorgan Chase, which once blocked customers from purchasing crypto on its credit cards, has in recent months expanded access to blockchain-based payment rails and quietly integrated its JPM Coin system into more corporate transactions. CEO Jamie Dimon, who had long expressed skepticism toward bitcoin, has softened his tone publicly, recently acknowledging that blockchain technology could play a “permanent role in the future of finance.”
Goldman Sachs, meanwhile, has revived its digital assets trading desk, expanding its offerings beyond bitcoin futures to include ether and tokenized treasury products. The bank has also reopened discussions about launching a broader crypto custody platform, citing growing institutional demand and regulatory clarity from Washington.
Reuters reported several large U.S. banks, including Bank of America and Citi, are working on or studying stablecoins as regulatory clarity improves. Bank of America CEO Brian Moynihan told analysts the bank is “working on launching a stablecoin” and is “still trying to figure out how big or small it is.” Morgan Stanley’s CFO said the bank is “following stablecoin developments closely.”
Citigroup is also reportedly “considering custody and payment services for stablecoins and crypto ETFs,” exploring custody for Treasuries and cash that could back tokenized products. That points to banks looking beyond trading to infrastructure and settlement roles.
Analysts say Morgan Stanley’s latest move underscores how mainstream the crypto market has become, as the combination of Trump’s deregulation efforts and mounting investor interest pushes large financial institutions to adapt. With over $8 trillion in client assets, the firm’s full-scale embrace of crypto is expected to pressure rivals like Bank of America and Citi to revisit their own restrictive policies toward digital assets.