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JPMorgan analysts have stated that negotiations for the U.S. "Cryptocurrency Market Structure Act" (i.e., the CLARITY Act) have entered the final stages, with both sides reaching compromises on a few remaining contentious points. The number of disputes has been reduced from over a dozen to 2-3 core issues, with discussions on stablecoin rewards being "in a good place." While banks express concerns about stablecoins offering similar yields to deposits, there is an overall bipartisan compromise trend. JPMorgan believes that "there is no perfect bill," and once passed, the bill will provide important regulatory clarity for the integration of digital assets into the U.S. financial system.The "Cryptocurrency Market Structure Act" is currently in advanced negotiations in the U.S. Senate, with Senate staff stating that the draft is "very close" to resolution, but the final text has not yet been released, nor has a formal vote been scheduled. The remaining major disagreements focus on stablecoin rewards, DeFi regulation, and token classification issues. Although optimism is rising, there is still a risk of delays due to the 2026 midterm elections, which could lead to a more uncertain political environment. If the bill is ultimately passed, it will delineate the regulatory authority between the SEC and CFTC, providing a long-term regulatory framework for stablecoins, DeFi, and the entire cryptocurrency industry.

According to FinanceFeeds, Morgan Stanley stated that the tokenization of real-world assets has become the "next major step" in its global business and has incorporated it into its strategic focus on upgrading traditional financial infrastructure with blockchain.The institution mentioned plans to integrate traditional assets with digital assets in a regulated environment, advance near real-time on-chain settlement, and launch an institutional digital wallet in the second half of 2026, supporting tokenized traditional investment products as well as cryptocurrencies like Bitcoin, Ethereum, and Solana. At the same time, Morgan Stanley is also advancing the tokenization of the private equity secondary market and the construction of on-chain and off-chain settlement processes.

Morgan Stanley's spot Bitcoin ETF (MSBT) has been listed for only 6 trading days, and its total net inflow has already surpassed the cumulative inflow of the WisdomTree Bitcoin Fund (WBTC) since its launch in January 2024.On Wednesday, MSBT saw an inflow of $19.3 million in a single day, bringing its total net inflow to $103 million, exceeding WBTC's $86 million. MSBT was listed on April 8 with a market minimum fee rate of 0.14%. If the momentum continues, it is expected to catch up with the Invesco Galaxy Bitcoin ETF ($245 million), Valkyrie Bitcoin ETF ($326 million), and Franklin Bitcoin ETF ($375 million).Currently, the spot Bitcoin ETF market is led by BlackRock IBIT with a net inflow of $64.3 billion, followed by Fidelity FBTC with $10.9 billion. Additionally, Goldman Sachs submitted an application to the SEC on Tuesday to launch its own Bitcoin-linked ETF, indicating that more asset management companies are accelerating their entry into the Bitcoin ETF market.

Sharon Yeshaya, Chief Financial Officer of Morgan Stanley, stated that tokenization and on-chain finance will become key evolutionary directions for its wealth management business.The company is envisioning a "tokenized world," where customer assets and liabilities can flow as efficiently as funds through blockchain infrastructure, thereby reshaping asset allocation, lending, and cash management methods. Unlike viewing cryptocurrency as a standalone business, Morgan Stanley plans to embed on-chain capabilities into its core service system, including investment advisory, financing, and liquidity management, to drive an overall upgrade of the financial architecture. This strategy has been gradually implemented through digital asset pilots with ZeroHash and products like Bitcoin ETFs. Although the current share of cryptocurrency business in the overall system is still small, its position in the future wealth management system is rapidly increasing.

According to market news, the Morgan Stanley-related MSBT ETF has purchased $83.6 million in BTC since its establishment this week, and currently its on-chain address holds approximately $64.4 million in BTC.

JPMorgan CFO Jeremy Barnum stated during the earnings call that if regulatory rules are not aligned with traditional bank deposits, stablecoins may evolve into a "regulatory arbitrage" tool. He pointed out that some stablecoin models already exhibit deposit-like characteristics, such as providing incentives similar to yields, but are not subject to banking regulatory requirements like capital, liquidity, and consumer protection, which could create an unfair competitive environment. "If the same products are not regulated equally, it will open up arbitrage opportunities," Barnum said.Currently, U.S. legislation is pushing for a cryptocurrency regulatory framework, including the Clarity Act, to clarify the regulatory division of labor between the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, and to regulate the development of the stablecoin market. Additionally, whether to allow stablecoins to distribute reserve earnings to users has become a point of contention. Cryptocurrency companies, including Coinbase, support "interest-bearing stablecoins," while banks believe this would bring them closer to deposit products but lack corresponding regulatory constraints. JPMorgan expressed support for regulatory clarity but emphasized that "regulatory consistency" takes precedence over speed. At the same time, the bank is advancing product layouts, including JPM Coin and tokenized deposits, through its blockchain division Kinexys to modernize the payment system.

According to Jinshi reports, JPMorgan Chase (JPM.N) reversed its previous upward trend, falling 2.9% in pre-market trading.

According to Cointelegraph, JPMorgan Chase will expand JPM Coin to the Canton Network this year through Kinexys, which currently processes over $350 billion in U.S. Treasury repurchase settlements daily.

According to BBX data, today (April 13), the U.S. Senate resumed its full session after the Easter recess, and cryptocurrency concept stocks maintained wide fluctuations under the dual variables of policy expectations and geopolitical pressures. The core dynamics are as follows:SpaceX (not listed) according to on-chain data from Arkham Intelligence and a report from The Information on April 11, currently holds 8,285 BTC, with a market value of approximately $603 million, custodied on the Coinbase Global, Inc. (NASDAQ: $COIN) institutional custody platform Coinbase Prime; for the fiscal year 2025, it is expected to record a net loss of nearly $5 billion due to acquisition expenses from its subsidiary xAI (compared to a profit of approximately $8 billion in the same period last year). On-chain data shows that this holding has not changed since mid-2024. It should be noted that the above holding data comes from a third-party on-chain tracking platform, and SpaceX has not officially disclosed it through official documents.Morgan Stanley (NYSE: $MS) launched the Morgan Stanley Bitcoin Trust (NYSE Arca: $MSBT) on April 8, with a management fee rate set at 0.14%, lower than BlackRock's iShares Bitcoin Trust (NASDAQ: $IBIT) at 0.25%; $IBIT currently has a management scale of approximately $55 billion, making it the most liquid Bitcoin spot ETF in the market. Analysts point out that the low fee rate of $MSBT, combined with Morgan Stanley's vast wealth management client network, poses a direct challenge to the existing funding landscape of IBIT, marking a shift in competition in the Bitcoin ETF market from "access competition" to "fee and distribution competition."Strategy, Inc. (NASDAQ: $MSTR) disclosed by Bloomberg on April 6, reported a paper loss of approximately $14.5 billion in Bitcoin holdings for Q1 2026, marking the worst quarter for Bitcoin since 2018 (with a decline of over 20% during the quarter); nevertheless, as of April 5, the company still holds 766,970 BTC, with a total holding cost of approximately $58.02 billion (average price $75,644), and during this period, it continued to purchase an additional 4,871 BTC, with founder Michael Saylor having not sold any holdings to date.

According to Cointelegraph, the head of digital assets at Morgan Stanley stated that the bank's newly launched Bitcoin ETF achieved the best first-day trading performance among all of the bank's ETF products, and more crypto products are in preparation.

According to BBX data, the cryptocurrency market maintained a strong oscillating pattern yesterday amid the positive aftermath of the ceasefire, with the following core dynamics:Strategy, Inc. (NASDAQ: $MSTR) disclosed on April 6 in accordance with SEC Form 8-K: the company purchased an additional 4,871 BTC at an average price of $67,718 from April 1 to 5, with a total expenditure of approximately $329.9 million; as of April 5, the total holdings reached 766,970 BTC, with a total book cost of approximately $58.02 billion (average price of $75,644). The funds for this round of purchases came from the sale of STRC preferred shares (net proceeds of approximately $102.6 million) and MSTR common stock (net proceeds of approximately $72 million).Bitmine Immersion Technologies (NYSE: $BMNR) officially upgraded from NYSE American to the New York Stock Exchange main board ("Big Board") on April 9, while also announcing that the board approved a $4 billion stock repurchase authorization. As of April 5, the company held 4,803,334 ETH (accounting for 3.98% of the total circulating supply), of which 3,334,637 ETH has been staked, yielding an annualized staking income of approximately $196 million; additionally, it holds 198 BTC and $864 million in cash, with total consolidated assets of approximately $11.4 billion.Morgan Stanley (NYSE: $MS) subsidiary Morgan Stanley Bitcoin Trust officially listed on NYSE Arca on April 8, with the stock code $MSBT, becoming the first Bitcoin spot ETF issued by a traditional Wall Street bank; over 1.6 million shares were traded on the first day, recording a net inflow of approximately $34 million; Coinbase Global, Inc. (NASDAQ: $COIN) subsidiary Coinbase Institutional has been designated as the official custodian for the fund.

According to data from Farside Investors, Morgan Stanley officially launched the spot Bitcoin ETF (MSBT) on Wednesday, attracting $306,000 in inflows on its first trading day, becoming the first major commercial bank in the U.S. to introduce such a product. The management fee for MSBT is 0.14%, currently the lowest fee for a Bitcoin ETF on the market.Although the fund performed steadily on its first day, the overall net outflow for spot Bitcoin ETFs across the U.S. was $124.5 million on Wednesday, marking the second consecutive trading day of net outflows. Bloomberg Intelligence analyst James Seyffart stated that this product may serve as a lead generation tool aimed at attracting high-net-worth individuals in the cryptocurrency space to use its wealth management services.

The Bitcoin spot ETF "Morgan Stanley Bitcoin Trust" launched by Morgan Stanley had an active first day of trading, with over 1.6 million shares traded, recording approximately $34 million in inflows.The fund is managed by Coinbase as the cold storage custodian, with BNY Mellon responsible for managing cash, administrative, and transfer functions, with a fee rate of 0.14%.

Morgan Stanley's spot Bitcoin ETF (MSBT) saw active trading on its first day, with over 1.6 million shares traded and approximately $34 million in capital inflow.The fund tracks the CoinDesk Bitcoin reference price, with a fee rate of only 0.14%, the lowest among similar products, focusing on price advantages to enter market competition. In addition to the low fee rate, MSBT also relies on Morgan Stanley's vast wealth management channels, which are expected to attract traditional investors to allocate Bitcoin assets through the financial advisor system. However, the market is still dominated by leading products, such as BlackRock's IBIT, which has exceeded $53 billion in size. Industry insiders expect that MSBT may divert some existing funds in the short term, but its long-term performance will still depend on its ability to attract continuous capital inflow.

According to CoinDesk, JPMorgan released a report stating that the total inflow of digital assets in the first quarter of 2026 is approximately $11 billion, annualized at about $44 billion, which is about one-third of the same period in 2025.Analysts Nikolaos Panigirtzoglou and others pointed out that the inflow of funds from retail and institutional investors is low or even negative, with the inflow in the first quarter mainly coming from Bitcoin purchases by Strategy and concentrated crypto venture capital financing.The overall cryptocurrency market declined in the first quarter, with the total market capitalization dropping by about 20%, Bitcoin falling by about 23%, and ETH declining by over 30%. The sell-off was driven by macroeconomic and geopolitical pressures, with altcoins experiencing even larger declines. Prices stabilized towards the end of the quarter, with Bitcoin consolidating around $70,000.The report noted that CME futures positions for Bitcoin and ETH weakened compared to 2024 and 2025, with net outflows for spot Bitcoin and ETH ETFs occurring in the first quarter, mainly concentrated in January, while inflows for Bitcoin ETFs rebounded in March.Strategy remains the main buyer, primarily providing funding for Bitcoin purchases through equity issuance, while other corporate holders are relatively conservative, with some selling Bitcoin for buybacks. Bitcoin miners were net sellers in this quarter. The annualized pace of crypto venture capital funding is higher than in the previous two years, but it is concentrated in a few large transactions, with funds continuing to flow into infrastructure, stablecoins, payments, and tokenization.

According to Jinshi News, U.S. bank stocks rose broadly before the market opened, with JPMorgan rising 2.6%, Bank of America rising 2.3%, Wells Fargo rising 2.6%, Citigroup soaring 3.7%, Goldman Sachs rising 3.8%, and Morgan Stanley rising 3.7%.

Bloomberg senior ETF analyst Eric Balchunas posted on the X platform that, according to the New York Stock Exchange (NYSE) listing announcement, the Morgan Stanley Bitcoin exchange-traded fund will trade under the ticker "MBST".

Some banks in Argentina have begun testing JPM Coin, a deposit token designed by JPMorgan specifically for institutional users. Currently, Banco CMF is one of the confirmed participants, and this financial institution expects to use JPM Coin for backend settlement workflows to improve settlement speed and efficiency.