Bernstein: The US regulatory framework, once finalized, could make it a global crypto hub.

According to a recent report by Wall Street brokerage Bernstein, as the U.S. crypto regulatory framework gradually takes shape, the country is moving towards a key stage in becoming a global crypto capital hub.

The report points out that the enactment of the GENIUS Act has driven the expansion of the stablecoin market, bringing the total supply of US dollar stablecoins to over $260 billion; the CLARITY Act, expected to be introduced by the end of 2025, will for the first time clearly define the market structure of US digital assets, clarify the regulatory boundaries between the SEC and CFTC, and end years of regulatory uncertainty.

Bernstein's team of analysts stated that Project Crypto, led by SEC Chairman Atkins, is at the heart 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 system.

The report also points out that US crypto ETF assets have reached $160 billion, with institutional investors accounting for about a quarter; since the beginning of 2024, crypto companies have raised over $4 billion in IPOs, and the total market capitalization of listed crypto companies has increased from $80 billion to $380 billion. Coinbase and Robinhood have been 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 a more sustainable new crypto cycle (CoinDesk).