Morgan Stanley ETF approval countdown: March 23 may become a key time window for Wall Street's crypto asset allocation

According to the latest news, Bloomberg analyst James Seyffart expects the U.S. Securities and Exchange Commission (SEC) to process Morgan Stanley’s Bitcoin ETF application by around March 23. This timeline is based on the SEC’s statutory approval period—75 days from the date of application submission. This is not only an administrative deadline but also marks a critical window for Wall Street institutional-level crypto asset allocation.

The True Meaning of the Approval Timeline

Legal Basis for the 75-Day Approval Period

The U.S. Securities and Exchange Commission has a clear statutory approval process for ETF applications. According to SEC rules, the initial approval period is 45 days, which can be extended to 90 days. Bloomberg analyst using 75 days as a reference indicates an expected timeframe within the normal process. The date of March 23 is not a random guess but a professional judgment based on the specific submission date of Morgan Stanley’s application.

Why This Date Is Worth Noting

The importance of this time window lies not in the specific date itself but in the fact that it signifies a turning point. According to related information, Morgan Stanley has officially submitted ETF applications tracking Bitcoin, Ethereum, and Solana. This marks an important move by another top-tier investment bank following institutions like BlackRock and Fidelity. If these applications are approved, it will open the floodgates for large-scale institutional capital inflows into the crypto market.

Wall Street’s “Crypto Legion” Is Taking Shape

Three Signals of Institutional Entry

According to related information, Wall Street’s major banks’ crypto strategies have moved from pilot phases to full deployment:

• JPMorgan: Plans to deploy JPM Coin on the Canton network for faster institutional settlements
• Morgan Stanley: Applying for spot ETFs for BTC, ETH, and SOL
• Bank of America: Has permitted client advisors to recommend BTC ETFs
• Goldman Sachs, Fidelity: Testing tokenized private fund shares

This is not an isolated action by a single institution but a systemic shift across Wall Street. Morgan Stanley’s simultaneous application for ETFs of three assets, especially listing Solana alongside Bitcoin and Ethereum, reflects a formal recognition of high-performance public blockchain ecosystems.

Fundamental Changes in the Regulatory Environment

Related information reveals a key background: by 2026, the U.S. SEC will have ended the era of “enforcement regulation” against the crypto industry and shifted toward establishing a “compliance sandbox.” This means the regulatory framework is transitioning from adversarial to constructive, removing significant policy uncertainties for institutional entry. It is this regulatory clarity that has given giants like Morgan Stanley the confidence to submit ETF applications.

Potential Changes in Market Liquidity

Timeline and Liquidity Release

Once Morgan Stanley’s application is approved around March 23, what market effects could be released? According to related information, the holdings of just 14 Bitcoin spot ETFs in the U.S. already exceed $100 billion, with BlackRock accounting for $67 billion. As a top global wealth management institution, Morgan Stanley’s entry could involve hundreds of billions of dollars.

Personal Opinion

The significance of this timing lies in its marking the shift of crypto assets from “alternative investments” to “mainstream allocations.” When trillion-dollar-level wealth management assets begin systematically allocating to crypto, the liquidity structure of the market will undergo a fundamental change. Around March 23, the market may experience a key emotional turning point—from waiting for policy clarity to pricing in institutional entry.

Variables to Watch

Although March 23 is the statutory approval deadline, the actual approval time may vary. The SEC might raise additional questions during the review process, leading to delays. Additionally, political factors such as the U.S. midterm elections could influence the approval process. Nonetheless, this time window marks a critical turning point for Wall Street’s crypto asset allocation.

Summary

The March 23 deadline predicted by Bloomberg analysts is not just an administrative date but a marker for a new phase of Wall Street institutional crypto asset allocation. Morgan Stanley’s three-asset ETF applications reflect the broader shift across Wall Street—from cautious pilots to full deployment. As regulatory clarity improves and institutional capital gradually enters, the crypto market is experiencing a profound transformation from a speculative market to an institutional allocation market. The approval outcome around March will directly impact the liquidity landscape and price trends of crypto assets in 2026.