Onchain Trading & Technology - 21X and DekaBank completed their first onchain trade on Polygon testnet [1] - The trade involved tokenized financial assets via smart contracts [1] - This showcases full end-to-end functionality for the platform [1] - It represents a critical step forward in integrating capabilities for institutional clients [1] Market Outlook - The development signals the next iteration of European capital markets [1] - This collaboration is a major step for 21X [1]

In this photo illustration, the logo for E-Trade, the online trading platform owned by Morgan Stanley, is shown on the company's website on May 13, 2024 in Chicago, Illinois.Morgan Stanley is months away from offering crypto trading to retail customers through its E-Trade division as the Wall Street giant embraces what it called a transformative moment for the wealth management industry.The firm is working with the startup Zerohash — which Morgan Stanley also took an investment stake in — for liquidity, cus ...

Crypto Market & US Government Stance - The US government is positioning itself to be a leader in the digital asset market, viewing crypto and blockchain technology as revolutionary for America's financial system [8][9][19] - The White House released a report providing a roadmap to make the US the crypto capital of the world, signaling a green light for digital assets and crypto [9][19] - The administration aims to modernize the US financial system using technologies like blockchain and DLT, targeting inefficiencies costing taxpayers over $657 million per year [3][4][5] - The President's Working Group on Digital Asset Markets released recommendations to strengthen American leadership in digital financial technology [15][16][17] Regulatory & Legislative Actions - Congress is urged to enact legislation that eliminates existing gaps in regulatory oversight, embraces DeFi technology, and recognizes the potential of integrating such technology into mainstream finance [20] - The SEC and CFTC should use their existing authorities to immediately enable the trading of digital assets at the federal level by providing clarity to market participants [20] - Modernizing bank regulation for digital assets includes clarifying permissible bank activities, custody tokenization, stablecoin issuance, and the use of blockchains [21] - Treasury and the IRS are expected to reduce burdens on taxpayers by publishing guidance on topics related to digital asset transactions [26] Market Potential & Future Growth - The crypto market has the potential to grow significantly, with projections suggesting it could increase by 10 to 100 times its current size, potentially reaching a market cap of $4 trillion to $400 trillion [11] - Tokenized assets are predicted to reach tens of trillions of dollars, indicating that crypto will become a crucial piece of the global financial system [7] - Real estate and equities markets, with values of $300 trillion and $100 trillion respectively, represent significant opportunities for tokenization [12] - The DTCC settles almost $4 quadrillion per year, indicating the potential for on-chain settlement to grow substantially [13]

General Information - The report was reported by @camomileshumba [1]