Why the TradFi takeover of crypto might not be the death blow analysts expect

Gate’s CBO argues that Bloomberg’s warning of a TradFi takeover is "oversimplified," noting that global exchanges evolved past fee-only models years ago.\nWhat to know : Morgan Stanley is launching crypto trading on its E*Trade platform with a 50-basis-point fee, undercutting rivals like Coinbase, Robinhood and Schwab and intensifying a price war in digital-asset trading. Traditional finance analysts say the move could sharply compress margins for U.S. crypto exchanges, while crypto-native executives argue that global platforms have already diversified beyond spot-trading fees. Industry leaders see Morgan Stanley’s entry as both a competitive threat to U.S. exchanges and a positive step for mainstream crypto adoption, likely pushing exchanges further into derivatives, DeFi and international markets.