Bernstein: US Expected to Become Global Crypto Center After Regulatory Framework Implementation

In a recent report, Wall Street brokerage Bernstein stated that with the gradual formation of the US crypto regulatory framework, the country is moving towards becoming a key global crypto capital.

The report pointed out that the implementation of the 'GENIUS Act' has driven the expansion of the stablecoin market, with the total supply of USD stablecoins surpassing $260 billion; the upcoming 'CLARITY Act' expected to be launched by the end of 2025 will for the first time clarify the market structure of US digital assets, delineate the regulatory boundaries between the SEC and CFTC, and end years of regulatory uncertainty.

The Bernstein analyst team stated that the 'Crypto Project' led by SEC Chair Atkins is at the core of this transformation, aiming to deeply integrate the securities market with blockchain infrastructure and exclude most crypto assets from securities laws, allowing tokenized stocks and bonds to circulate under a unified regulatory system.

The report also noted that US crypto ETF assets have reached $160 billion, with institutional investors accounting for about a quarter; since early 2024, the total financing of crypto company IPOs has exceeded $40 billion, and the total market value of listed crypto companies has increased from $80 billion to $380 billion, with Coinbase and Robinhood being included in the S&P 500 index. Bernstein believes that a clear regulatory path, institutional capital inflow, and the maturity of on-chain financial infrastructure are driving the formation of a more sustainable new crypto cycle (CoinDesk).

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