Morgan Stanley's infrastructure partner Zerohash rebuffed in pitch to be U.S. trust bank

60-second summary

Morgan Stanley's infrastructure partner Zerohash is being rebuffed in its pitch to become a U.S. trust bank, despite handling crypto plumbing for Morgan Stanley's E*Trade. Zerohash plans to re-file and hopes for a swift resolution, which could impact its ability to expand its services and potentially affect the growth of Morgan Stanley's crypto offerings in the U.S. market.