There is a certain type of financial news that doesn’t generate headlines but moves markets over years. No price surge, no celebrity. Just a press release about middleware. Broadridge’s recent integration of Crypto.com into its NYFIX order routing network — enabling institutional brokers to route cryptocurrency orders through the same infrastructure they use for equities and fixed income — is that kind of news. Unremarkable on the surface. Telling in context.

Because the context is everything. This is not an isolated development. It is but one connection in a network of infrastructure, regulation, and institutional capital being methodically assembled around digital assets. The question of whether cryptocurrencies belong in…