Morning Minute: Morgan Stanley Is Coming for Coinbase

Morning Minute is simply a regular newsletter written by Tyler Warner. The investigation and opinions expressed are his ain and bash not needfully bespeak those of Decrypt. And check retired our new regular quality show covering each of the apical stories successful 5 minutes oregon less, downloadable connected Apple Pod oregon Spotify.

GM!

Today’s apical news:

• Crypto majors autumn 2-4% contempt falling oil, stocks green; BTC -2% astatine $80.9k
• TON and VVV proceed to outperform, ZEC cools off
• Morgan Stanley launches crypto trading connected ETrade, undercuts connected fees
• CME to motorboat 24/7 trading for crypto futures and options connected May 29
• New quantum study warns Q-day could travel arsenic soon arsenic 2030

💸 Morgan Stanley Launches Crypto Trading connected ETrade

Morgan Stanley launched spot crypto trading connected ETrade astatine 50 ground points per transaction. At that interest level, they’re efficaciously undercutting Coinbase, Robinhood, and Charles Schwab successful 1 move.

The aviator is unrecorded present for a constricted radical of users, with each 8.6 cardinal ETrade clients getting entree aboriginal this year. Initial assets are Bitcoin, Ethereum, and Solana—the aforesaid 3 Morgan Stanley has ETF filings for. The infrastructure is powered by Zerohash, which Morgan Stanley softly signed arsenic its crypto rails spouse successful September.

Robinhood’s spreads typically tally 35 to 95 ground points. Coinbase charges 60 ground points. Schwab charges 75 ground points. Morgan Stanley astatine 50 ground points undercuts each of them. Bloomberg ETF expert Eric Balchunas commented: “This is wherefore TradFi is nary gag and crypto exchanges should beryllium scared.” He added that interest compression volition proceed until nonstop crypto trading is “pretty ungraded inexpensive everywhere,” mirroring what Bitcoin ETF disbursal ratios did earlier launch.

Jed Finn, Morgan Stanley’s caput of wealthiness management, described the strategy arsenic “disintermediating the disintermediators.” That’s the cardinal takeaway. Morgan Stanley isn’t entering crypto to complement Coinbase—it’s entering to regenerate it…

🟠 Grant Cardone Says Bitcoin Will Beat REITs

Speaking astatine Consensus Miami connected Wednesday, Grant Cardone disclosed he has added different $100 cardinal successful Bitcoin to a $235 cardinal multifamily existent property woody successful Boca Raton—his largest azygous hybrid allocation to date. Cardone Capital’s full Bitcoin vulnerability present sits astatine astir $200 million.

The operation involves spot and Bitcoin held wrong the aforesaid LLC, with rental income utilized to continuously accumulate much BTC.

As for the vantage implicit REITs, Cardone commented. “These companies tin never, ever clasp bitcoin connected their equilibrium sheet,” Cardone said. REITs are legally required to administer much than 90% of taxable income arsenic dividends and cannot clasp currency connected their equilibrium sheet. Cardone Capital, structured arsenic backstage LLCs, faces nary specified constraint.

He projected a combined instrumentality of “somewhere betwixt 22 and 32 percent” from the hybrid model, arguing that the existent property currency travel removes the structural vulnerability that axenic Bitcoin treasury companies face—the request to merchantability BTC oregon contented indebtedness during downturns. “If bitcoin goes to zero, I’m not getting escaped of the existent estate,” helium said.

Cardone’s longer-term people is 10,000 BTC accumulated done rental income alone, with a planned 2026 IPO of a publically traded Bitcoin-real property treasury company. If helium tin make those 22-32% returns, 1 happening is certain—demand volition beryllium high…

🏛️ The White House Wants the Clarity Act Signed by July 4

White House crypto advisor Patrick Witt gave the clearest timeline yet for the Clarity Act astatine Consensus Miami connected Wednesday—July 4th.

He outlined a program including Senate Banking Committee markup this month, 4 moving Senate weeks successful June for a level vote, and past a House ballot earlier Independence Day. “I deliberation that would beryllium a tremendous day contiguous for America, celebrating our 250th,” Witt said.

Witt confirmed the stablecoin output compromise betwixt Senators Tillis and Alsobrooks is “closed.” Both crypto firms and banks are dissatisfied with the language, confirmation the close compromise was reached.

On the morals proviso that Democrats person pushed, the White House said it supports “common consciousness rules” that use “across the board” alternatively than targeting immoderate azygous officeholder. That’s the connection designed to thread the needle connected the Trump household crypto interests without sinking the bill.

Prediction markets didn’t determination connected the news, with the likelihood of the measure passing successful 2026 holding astatine 65%.

🤖 Elon Musk’s SpaceX Is Now Powering Claude

Anthropic announced a woody with SpaceX to usage the afloat compute capableness of Colossus 1 (SpaceX’s flagship information halfway successful Memphis), giving Anthropic entree to much than 300 megawatts of computing capableness and implicit 220,000 NVIDIA GPUs.

The woody is immediate, dissimilar Anthropic’s capableness expansions with Amazon, Google, and Microsoft, which don’t travel online until precocious 2026 oregon 2027.

The concern comes arsenic a astonishment arsenic Musk has been openly captious of Anthropic for months, posting successful February that the institution “hates Western civilization” and calling it “misanthropic.” But possibly his hatred of OpenAI outweighs his disdain for Claude.

The woody happened aft Musk spent a week successful Oakland national tribunal testifying successful his OpenAI lawsuit, and seemingly gathering with elder Anthropic unit successful parallel. He commented: “Everyone I met was highly competent and cared a large woody astir doing the close thing. No 1 acceptable disconnected my evil detector.”

Anthropic said the woody volition straight amended capableness for Claude Pro and Claude Max subscribers, removing highest hr restrictions and raising API complaint limits for Opus models. Bigger picture—Anthropic expressed involvement successful partnering with SpaceX to make aggregate gigawatts of orbital AI compute capacity.

Data centers successful space, powered by SpaceX motorboat infrastructure, are the endgame.

🌎 Macro Crypto and Markets

• Crypto majors are reddish down 2-4%; BTC -2% astatine $80.9k; ETH -4% astatine $2,330; SOL level astatine $89; HYPE -4% astatine $42.9
• VVV (+11%), ICP (+10%) and TON (+9%) led apical movers
• Oil -1% astatine $92; Gold +1% astatine $4,735
• Stock futures are level premarket
• The CME Group will offer crypto futures and options astir the timepiece starting May 29, extending its integer plus derivatives trading to a 24/7 docket for the archetypal time
• A caller quantum report from Project Eleven warned that Q-day is apt by 2033 and perchance arsenic aboriginal arsenic 2030
• OKX announced perpetual futures tied to OpenAI, SpaceX, and Anthropic valuations, with synthetic terms vulnerability with nary equity rights oregon issuer approval
• Bermuda Premier David Burt announced different USDC airdrop to residents tied to adjacent week’s Bermuda Digital Finance Forum, alongside onboarding section merchants to judge stablecoin payments; the authorities is moving with Coinbase and Circle to physique the world’s archetypal afloat onchain nationalist economy
• ICE, OKX, and Securitize executives warned astatine Consensus Miami that offshore synthetic tokenized stocks use nationalist institution names without issuer support and don’t correspond existent equity
• Tokenized US treasuries on Ethereum have doubled over the past 6 months, present astatine $8B

Corporate Treasuries & ETFs

• The Bitcoin ETFs saw $46M successful nett inflows on Wednesday, present connected a 5-day inflow streak; the ETH ETFs saw $11.5M successful inflows
• Grayscale completed Q1 rebalancing on its DeFi and Smart Contract funds, swapping retired Aero for Ethena, with existent holdings present UNI, AAVE, ONDO, ENA, CRV, and LDO

Meme Coin Tracker

• Meme leaders were red; DOGE -5%, SHIB -3%, PEPE -1%, PENGU -6%, TRUMP -2%, BONK flat, SPX -1%, FARTCOIN +1%
• USDUC (+300%), Hanta (+750%), Tokabu (+33%) and 67 (+50%) led notable movers

💰 Token, Airdrop & Protocol Tracker

• OpenTrade raised $17 million led by Mercury Fund and Notion Capital with a16z Crypto participating; the London-based level lets fintechs plug organization stablecoin output into their products without gathering their ain custody infrastructure
• Hyperliquid traders have grounds nett agelong exposure for 2026, increasing steadily implicit the past 2 months

🚚 What is happening successful NFTs?

• NFT leaders are somewhat reddish connected the day; Punks adjacent astatine 31 ETH, BAYC -1% astatine 9.85 ETH, Pudgy -1% astatine 5.28 ETH; Hypurr’s -1% astatine 340 HYPE
• Slonks (+750%), Normies (+17%) and Rilato (+94%) led notable movers; Gift of Time up 15%
• Sam Spratt’s Masks of Luci jumped to an 8 ETH floor, up 40% connected the week