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Coinbase Cuts 14% of Staff, MicroStrategy Eyes BTC Sales, NYSE and Morgan Stanley Push Tokenization

A busy week across crypto and traditional finance: Coinbase announced a 14% workforce reduction, a significant…

A busy week across crypto and traditional finance: Coinbase announced a 14% workforce reduction, a significant headcount cut that signals continued cost discipline at one of the sector's largest publicly traded exchanges. Separately, MicroStrategy is revisiting language in its filings that leaves open the possibility of Bitcoin sales — a notable shift in tone from a firm that has positioned itself as an indefinite accumulator.

On the institutional infrastructure side, the New York Stock Exchange filed a rule change proposal with the SEC to allow tokenized securities to trade within its existing market framework, while the DTCC advanced its own tokenization services — two moves that together suggest the legacy settlement layer is accelerating its on-chain transition rather than waiting for a single regulatory green light.

Morgan Stanley is also testing crypto trading capabilities,…

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