Morgan Stanley has launched spot crypto trading on ETrade at 50 basis points per transaction, effectively undercutting competitors such as Coinbase, Robinhood, and Charles Schwab. The pilot program is live now for a limited group of users, with all 8.6 million ETrade clients expected to have access later this year. Morgan Stanley’s head of wealth management, Jed Finn, described the strategy as “disintermediating the disintermediators” and anticipates further fee compression until direct crypto trading is “pretty dirt cheap everywhere”. Grant Cardone, the owner of Cardone Capital, has added another $100 million in Bitcoin to a $235 million multifamily real estate deal in Boca Raton. He projected a combined return of 22-32% from the hybrid model. The White House is urging the Clarity Act to be signed by July 4th.