Bernstein said that the SEC and Senate Banking Committee are expected to take a friendly attitude towards cryptocurrencies after Trump takes office, and crypto assets are expected to be re-rated because it is not clear whether these assets qualify as securities. In addition, both stablecoins and market structure bills are likely to make faster progress, which is good for stablecoin issuers such as Circle and Paxos, as well as cryptocurrency exchanges and brokers/dealers in the United States.