SEC Threatens Own Crypto Rules as Institutional Push Accelerates
The SEC has issued an ultimatum to lawmakers, warning that if the CLARITY Act stalls, the agency will create its own rules for the crypto market. This development comes as major banks, including Morgan Stanley and BNY Mellon, are accelerating their push into institutional crypto investment.
Morgan Stanley has launched spot exchange-traded products (ETPs) on Ethereum and Solana, marking a significant expansion beyond Bitcoin. The move suggests that Morgan Stanley's wealth management clients are interested in exposure to programmable blockchain assets beyond the largest market cap assets.
BNY Mellon has also made headlines by shifting part of its fund recordkeeping infrastructure on-chain, integrating blockchain into its back-office operations. This decision reflects a broader trend towards tokenization, with total real-world assets on-chain crossing $20 billion.