Morgan Stanley seeks approval for bitcoin, Solana ETFs

Morgan Stanley has filed with the US Securities and Exchange Commission to launch exchange-traded funds (ETFs) tracking the prices of bitcoin and solana.

The Wall Street bank is seeking to expand its involvement in digital assets following the SEC’s approval of the first US-listed spot bitcoin ETF in 2024.

Recent changes in US regulations, including a move by the Office of the Comptroller of the Currency in December 2025 that allowed banks to act as intermediaries in cryptocurrency transactions, have made it easier for banks to participate in cryptocurrency transactions.

Major financial firms such as T. Rowe Price have also filed for crypto ETFs as institutional interest in digital assets rises.

🔗 Source: Reuters

🧠 Food for thought

Implications, context, and why it matters.

SEC stance on Solana remains an ETF wildcard

Morgan Stanley’s ETF filing lands as the SEC still says SOL is a security (i.e., a regulated investment instrument) in its Coinbase case 1.
ETF approvals often depend on regulated futures markets that Solana lacks, unlike Bitcoin. In its Binance suit, the SEC cited SOL trades 2. The agency said the Solana Foundation (the nonprofit supporting the network) promoted SOL in ways that led buyers to expect profits from Solana Labs’ efforts (the core developer), which fits securities tests 2.
Securities lawyers say SEC tweaks don’t change its view of SOL. Morgan Stanley’s bid faces regulatory risk that could slow or block approval 1.

Banks in crypto will boost demand for compliance tools

OCC letters in late 2025 said national banks may do certain crypto-asset activities, including riskless principal transactions (where a bank matches a client’s buy and sell orders without taking market risk) 3. That step will spur demand for monitoring plus controls for transaction surveillance, sanctions screening, and Travel Rule compliance (transmitting sender plus recipient information with transfers).
Five crypto companies got conditional approval for national trust bank charters (a federal license to offer custody and fiduciary services) 4. Circle and Ripple are in the group. Paxos, BitGo, and Fidelity Digital Assets are also in.
Firms adding digital assets to treasury, payments, plus custody will need Know Your Transaction (KYT) and anti-money laundering (AML) systems that meet regulatory standards 5. That opens room for vendors with turnkey compliance stacks (pre-integrated, ready-to-deploy toolsets).