Take, for example, the news that blue-chip global bank Morgan Stanley submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) for a charter for a new institution called “Morgan Stanley Digital Trust, National Association” as a national trust bank with requested trust powers.

In earlier eras, the news that Morgan Stanley had applied to form a national trust bank focused on digital asset activities would have had the impact of a tidal wave. Today, Morgan Stanley is just one institution seeking a charter from the OCC in a growing line of them.

But the decision by Morgan Stanley…