Bernstein Says U.S. Crypto Framework Positions Nation as Global Leader

Share this article

With new laws defining market structure and stablecoin oversight, the broker said America’s digital asset industry has entered its most mature phase yet.

By Will Canny, AI Boost|Edited by Sheldon Reback

Nov 12, 2025, 8:54 a.m.

Bernstein said the U.S. has enacted the GENIUS Act and is preparing the CLARITY Act to create a unified crypto regulatory regime.
Stablecoin supply has surged past $260 billion, while institutional capital is driving crypto ETFs and IPOs.
The broker sees a new, sustainable crypto cycle driven by regulation, institutional adoption, and blockchain integration in capital markets.

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.

STORY CONTINUES BELOW

Jangan lewatkan cerita lainnya.Berlangganan Newsletter State of Crypto hari ini.Lihat semua newsletterDengan mendaftar, Anda akan menerima email tentang produk CoinDesk dan Anda setuju denganketentuan penggunaandankebijakan privasi.

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.

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.

Lebih untuk Anda

Oleh CoinDesk Research

3 Nov 2025

A deep dive into Zcash’s zero-knowledge architecture, shielded transaction growth, and its path to becoming encrypted Bitcoin at scale.

Yang perlu diketahui:

In 2025, Zcash evolved from niche privacy tech into a functioning encrypted-money network:

Shielded adoption surged, with 20–25% of circulating ZEC now held in encrypted addresses and 30% of transactions involving the shielded pool.
The Zashi wallet made shielded transfers the default, pushing privacy from optional to standard practice.
Project Tachyon, led by Sean Bowe, aims to boost throughput to thousands of private transactions per second.
Zcash surpassed Monero in market share, becoming the largest privacy-focused cryptocurrency by capitalization.

Lebih untuk Anda

Oleh Jamie Crawley, AI Boost|Diedit oleh Sheldon Reback

16 jam yang lalu

UK FCA building (FCA)

ClearToken won authorization from the U.K.’s FCA to roll out CT Settle, a delivery-versus-payment settlement system for crypto, stablecoins and fiat currency.

Yang perlu diketahui:

ClearToken received FCA authorization to operate CT Settle, a delivery-versus-payment (DvP) settlement system for crypto, stablecoins and fiat currencies.
The platform eliminates pre-funding requirements and enables simultaneous asset and payment transfers, freeing up liquidity for institutional traders.
The model mirrors traditional market infrastructure like CLS in forex, building the foundation for a regulated clearing and settlement layer for digital assets.

Latest Crypto News