Morgan Stanley Research Analysis: Institutions Embrace Blockchain, but Tokens May Not Be the Winners

By Rita: Digital assets are transitioning from speculative instruments to financial infrastructure. The stablecoin market cap has exceeded $300 billion, tokenized real-world assets approach $40 billion, and institutional participation is accelerating. However, in its digital assets report released on September 8, Morgan Stanley offered a counterintuitive assessment: adoption does not necessarily drive token price appreciation, and economic benefits may largely remain with existing financial institutions, meaning public protocols or token holders may not necessarily benefit. While integration is the baseline scenario, value capture is a separate issue. The core framework of the report distinguishes between technology adoption and value capture. Blockchain technology may be widely

TechFlowSep 11 09:46

The UK House of Lords voted 194 in favor of formulating a digital asset strategy.

According to Foresight News, citing a report by Cointelegraph, the UK House of Lords passed an amendment yesterday with 194 votes in favor and 138 against. The amendment requires the UK Treasury to formulate, publish, and consult on a digital asset strategy within 12 months after the Financial Services and Markets Act formally becomes law. The strategy will cover crypto assets, stablecoins, and tokenized securities, addressing issues such as innovation, consumer protection, and corporate access to banking, payment, and settlement services. The relevant bill still needs to be submitted to the House of Commons, where members may accept, amend, or reject the amendments proposed by the House of Lords.

ForesightSep 11 08:57

Express News | The U.S. Senate has released a new version of the CLARITY Act, with a key vote scheduled for September 15.

On September 11, Republican senators in the U.S. Senate released the text of the revised CLARITY Act, just days before the first procedural vote scheduled for September 15. Senator Cynthia Lummis and other Republican lawmakers unveiled the 630-page amended bill on Thursday, stating that it incorporates 114 amendments proposed by Democrats and emphasizing that the legislation aims to establish the first comprehensive regulatory framework for crypto markets in the United States. The new version adds regulatory provisions targeting "non-decentralized finance transaction protocols." Protocols meeting the defined criteria must register with the U.S. Commodity Futures Trading Commission (CFTC), with supporting rules to be formulated by the CFTC and the U.S. Department of the Treasury. Meanwhile, the bill further clarifies that DeFi-related provisions primarily apply to spot and cash digital commodity transactions. However, significant uncertainty remains regarding the bill's prospects. The new text shows no major changes in ethical provisions, leaving enforcement responsibilities with the Department of Justice, whereas Democrats had previously requested granting greater enforcement authority to state attorneys general. Additionally, issues such as stablecoin yields, illicit finance, and conflicts of interest involving Trump’s crypto assets remain major obstacles in bipartisan negotiations. The Senate will hold a procedural vote on advancing the CLARITY Act on September 15. As 60 votes are required to advance the procedure and Republicans currently hold only 53 seats, Democratic support is key to the bill's continued progress.

BreakingsSep 11 07:01

Express News | The U.S. SEC proposes amending transfer agent rules to allow blockchain ledgers to serve as official records of securities ownership.

On September 11, it was reported that the U.S. Securities and Exchange Commission (SEC) had proposed a new rule last week to comprehensively revise transfer agent regulations that have been in place for decades. The proposal explicitly permits electronic databases, including blockchain ledgers, to serve as official records of securities ownership for the first time. If approved, blockchain could become the "primary security record," replacing the off-chain parallel ownership records currently relied upon by tokenized securities. Currently, many tokenized securities operate on dual records: an on-chain token ledger and an official shareholder register. Once the proposal is adopted, issuers and transfer agents may no longer need to maintain duplicate records and reconcile them after each transfer, thereby reducing operational friction and the risk of discrepancies between on-chain records and legally recognized records. Eli Cohen, Chief Legal Officer of the tokenized fund platform Centrifuge, stated that the proposal could transform the current "two-step" process into a "one-step" process, allowing the blockchain itself to serve as the primary security record. However, the proposal does not imply that tokenized securities will be entirely "permissionless." Joris Delanoue, CEO of Fairmint, an SEC-registered on-chain transfer agent, pointed out that while the blockchain can remain open, assets must still comply with ownership and transfer rules; regulatory controls such as identity verification and transfer restrictions remain embedded within the tokens. Transfer agents will still need to handle administrative matters such as shareholder deaths, inheritance, and legal notices, but the processing window could be shortened from 3–5 days to one day. The 60-day public comment period for this proposal will end in early November.

BreakingsSep 11 06:55

Express News | Concentration among top assets in the crypto market has rebounded to 2021 levels, with Bitcoin accounting for 66.6%.

On September 11, CryptoRank reported that the market capitalization concentration of the top 100 crypto assets (excluding stablecoins) in 2026 has returned to 2021 levels. The "Crypto Magnificent Seven" collectively account for 92.1% of the total market capitalization of the top 100 assets, with Bitcoin alone representing 66.6%, a significant increase compared to five years ago. This indicates that current growth in the crypto market is increasingly reliant on a few leading assets, while the broader altcoin market is capturing a markedly smaller share of capital.

BreakingsSep 11 06:12

MHMarkets: Custody License Promotes Standardization of Digital Assets

On September 10, payment firm Block applied to establish a national trust bank to provide regulated custody services for Bitcoin and stablecoins, as reflected in market performance. MHMarkets noted that this phenomenon indicates a lack of singular consensus among participants; price movements reflect both active adjustments and the提前 pricing of future information, making it inappropriate to draw conclusions based on a single point in time. A closer analysis reveals that the proposed institution will not accept deposits or issue loans, but will instead focus on custody and related fiduciary services. MHMarkets assesses that the key issue to watch is whether these elements can form a continuous transmission mechanism.

Sina FinanceSep 10 16:59