Morgan Stanley debuts ether, solana exchange-traded products after bitcoin fund success

Morgan Stanley is expanding its digital asset lineup with two new exchange-traded products — the Morgan Stanley Ethereum Trust (MSSE) and Morgan Stanley Solana Trust (MSOL) — set to begin trading on NYSE Arca. Both funds track CoinDesk benchmark indexes, carry a market-leading 0.14% expense ratio, and will pass staking rewards through to investors. The launch follows the success of the firm's bitcoin fund (MSBT), which gathered more than $381 million in assets since its debut earlier this year. Morgan Stanley enters the increasingly crowded ether and solana ETP space with a notable structural advantage: roughly 16,000 financial advisors overseeing more than $9 trillion in client assets, plus direct retail reach through E*TRADE. There are already eight SOL ETFs on the market with nearly $900 million in combined net assets, but Morgan Stanley's distribution footprint could give its products a significant edge in attracting both institutional and self-directed investors.

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Finance

Apple kept fake bitcoin wallet on App Store after $875,000 theft report, lawsuit alleges

A federal lawsuit filed July 24 alleges Apple left a fraudulent app impersonating Sparrow Wallet active in its App Store for more than a week after a customer reported losing $875,000 — long enough for a second user to lose roughly $840,000. Three plaintiffs say they collectively had about $1.84 million stolen after downloading the fake app and entering their bitcoin seed phrases, which gave the scammers full control of their wallets. They argue Apple's marketing led them to believe App Store listings had been vetted and were safe. The suit brings eight claims covering consumer-protection laws, negligent misrepresentation, and failure to warn, and asks Apple to disclose the limits of its review process and strengthen its controls. Apple told MacRumors it has since removed apps impersonating Sparrow Wallet and terminated associated developer accounts, noting it rejected over 371,000 copycat and misleading submissions last year and stopped more than $2.2 billion in potentially fraudulent transactions.

Policy

BlackRock, Fidelity, other Wall Street giants back the Clarity Act

Some of the biggest names in traditional finance — BlackRock, Fidelity, Franklin Templeton, Goldman Sachs, and SoFi — have publicly endorsed the Digital Asset Market Clarity Act in recent days, calling for Congress to pass legislation that would establish a new regulatory framework for crypto and clarify how the SEC and CFTC share jurisdiction over digital assets. The wave of support also exposed a fault line: JPMorgan has sided with the banking industry in backing tighter restrictions on stablecoin yield, putting it at odds with Coinbase and most of the crypto sector, who argue those changes would weaken the bill. Goldman CEO David Solomon acknowledged the bill "is not perfect" but said he supports moving it forward to get market structure rules in place. The Senate faces a shrinking runway — the chamber is set to begin its summer recess on August 8, leaving only days to advance the legislation before the break.

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