"We expect a new regime of crypto rule making," the broker said, adding that this "transformational shift is not priced in." This indicates upcoming significant changes in crypto regulation.
"In the medium-term, we expect clarity on definition of digital assets versus securities and a progressive framework to register digital asset securities with the SEC," analysts led by Gautam Chhugani wrote.
Faster progress is now expected for both stablecoin and market structure bills, Bernstein said. This is positive for stablecoin issuers such as Circle and Paxos.
The broker said it expected a rerating of broader crypto assets, which have suffered from a lack of clarity as to whether they qualified as securities.
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