According to Amy Oldenburg, Morgan Stanley's head of digital asset strategy, the bank anticipates that bitcoin will eventually be included on US bank balance sheets, despite several remaining obstacles. In a speech at the Bitcoin Conference in Las Vegas, Oldenburg outlined the firm's plans to expand its digital asset business in response to growing client demand. She noted that the regulatory environment has become more supportive in recent years, allowing the firm to explore digital assets.
Oldenburg also mentioned that US banks may eventually hold bitcoin on their balance sheets, but cited several barriers, including the Federal Reserve, Basel rules, and the need for global regulatory clarity. Morgan Stanley has already made strides in the digital asset space, launching the first bank-issued Bitcoin ETP, which drew over $100 million in its first six days of trading. The product's success was notable, as it was driven entirely by self-directed clients, demonstrating significant demand for such products.
Oldenburg highlighted the gap between advisor offerings and client demand, citing an education problem among advisors. To address this, the bank has launched internal training programs to educate financial advisors about digital assets.
The bank is also pursuing an OCC digital trust charter, which would enable it to custody crypto directly and offer spot crypto trading on its wealth platform.