Bernstein: The U.S. regulatory framework is expected to make it a global crypto hub

According to a recent report by Wall Street broker Bernstein, as the U.S. cryptocurrency regulatory framework gradually takes shape, the country is entering a critical phase in becoming a global crypto capital center.

The report points out that the enactment of the GENIUS Act has driven the expansion of the stablecoin market, pushing the total supply of U.S. dollar stablecoins to over $260 billion. The CLARITY Act, expected to be launched by the end of 2025, will clarify the market structure for digital assets in the U.S., delineating the regulatory boundaries between the SEC and CFTC, thus ending years of regulatory uncertainty.

The Bernstein analyst team states that the "Project Crypto," 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, thereby allowing tokenized stocks and bonds to circulate under a unified regulatory framework.

The report also notes that U.S. crypto ETF assets have reached $160 billion, with institutional investors accounting for about a quarter; since the beginning of 2024, the total financing from crypto company IPOs has exceeded $4 billion, and the total market capitalization 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, the return of institutional capital, and the maturity of on-chain financial infrastructure are driving the formation of a more sustainable new crypto cycle.