Group 1 - Morgan Stanley is preparing to offer direct crypto trading through its Erade platform, marking a significant shift in its approach to cryptocurrency [1][2] - Previously, major firms like Morgan Stanley, Goldman Sachs, and JP Morgan provided exposure to Bitcoin only through ETFs, but will now allow direct access to various cryptocurrencies [1] - The trading access will be facilitated through a partnership with a startup called Zero Hash, which has received institutional backing from Morgan Stanley, SoFi, and Apollo [1][2] Group 2 - The regulatory environment has changed, allowing firms to explore trading in stable coins and tokenized assets, in addition to cryptocurrencies [2] - Zero Hash has obtained necessary licenses and aims to act as a neutral connector within the crypto economy, similar to companies like Plaid [2][3] - The shift in strategy reflects a growing interest among traditional financial institutions to engage more directly with the crypto market [1][2]