With new laws defining market structure and stablecoin oversight, the broker said America’s digital asset industry has entered its most mature phase yet.
Nov 12, 2025, 8:54 a.m.
Wall Street broker Bernstein said the U.S. has taken a decisive step toward becoming the world’s crypto capital with the rollout of a comprehensive regulatory framework.
The GENIUS Act, now law, accelerated the stablecoin market, pushing U.S. dollar–backed supply beyond $260 billion, the broker said in a Wednesday report. The forthcoming CLARITY Act, expected in late 2025, will establish the first cohesive market structure for digital assets, clearly dividing responsibilities between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) and resolving years of regulatory uncertainty, it said.
According to analysts led by Gautam Chhugani, the centerpiece of this transformation is SEC Chair Atkins’ Project Crypto, the most ambitious effort yet to fuse securities markets with blockchain technology.
The initiative aims to restore innovation by classifying most crypto assets outside securities law, enabling tokenized stocks and bonds and licensing broker-dealers to handle both traditional and digital assets under a single regulatory umbrella.
It also seeks to modernize infrastructure for onchain trading and 24/7 settlement, cutting costs across tokenized securities, stablecoins and crypto assets, the analysts said. This clarity has lowered the sector’s risk from political turnover and unlocked new institutional participation.
Crypto exchange-traded funds (ETFs) now hold $160 billion in assets, the report noted, with institutions making up roughly a quarter of spot ETF investors.
Bernstein said the digital asset IPO market roared back this year, raising $4 billion since January, while the market value of publicly traded crypto firms has surged from $80 billion in early 2024 to $380 billion, with Coinbase (COIN) and Robinhood (HOOD) now part of the S&P 500 stock index.
A new, more sustainable crypto cycle is taking shape, powered by clear rules, institutional capital, and blockchain’s deeper integration into the financial system, the report added.
Read more: Diversification, Not Hype, Now Drives Digital Asset Investing: Sygnum
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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