Morgan Stanley completed the E*Trade crypto rollout at 50 basis points a trade. The Capitalist read is on the second and third-order effect, not the headline. E*Trade is not orange-pilling. E*Trade is landing 5 million retail clients on a 50-basis-point crypto rail because the fee stack pays back the compliance build. This is exactly the pattern the treasury wrappers ran three years ago at a different layer of the stack. Legacy retail infrastructure sees a fee opportunity that also gets Wall Street closer to owning the on-ramp. Griffin bought Crypto.com. Morgan Stanley opened E*Trade. Fidelity opened its wire. Every apex-predator TradFi firm has now written a check to sit closer to where retail hands the hardest money. Read the structure. This is not a bull thesis on BTC. It is a bull thesis on Wall Street internalizing that BTC-access is a fee product they cannot afford to skip.