Morgan Stanley has filed for a U.S. bank charter to custody crypto assets.
That is legacy finance formalizing infrastructure.
Not a pilot program.
A regulatory commitment.
When Tier-1 banks seek custody rights, institutional capital prepares to scale.
Compliance barriers drop.
Balance sheets gain access.
Custody is plumbing.
Plumbing determines flow.
Flow determines price over time.
If approval comes, allocation accelerates structurally.
If delayed, positioning unwinds first.
I watch who builds the rails.
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