Morgan Stanley’s infrastructure partner Zerohash rebuffed in pitch to be U.S. trust bank
Zerohash, which handles crypto plumbing for Morgan Stanley’s E*Trade, said it’s planning on re-filing and hoping for a swift resolution.
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Summary
- Zerohash, a crypto infrastructure provider for high-profile firms such as Morgan Stanley’s E*Trade, failed to get approval in its initial application to join the ranks of new digital asset-focused U.S. trust banks.
- The U.S. Office of the Comptroller of the Currency sent the company’s application back to it in a process that suggests the regulator determined it had “material deficiencies,” so that charter bid is over, but not formally denied.
- The company said it’s hoping to re-apply by the end of the month with a narrower scope that it expects will get a quick review.
