[Bernstein: U.S. Crypto Regulatory Framework Taking Shape Could Drive Industry Growth] Wall Street brokerage Bernstein reports that the U.S. crypto regulatory framework is gradually taking shape, potentially positioning the country as a global hub for crypto capital. Following the enactment of the 'GENIUS Act,' the total supply of U.S. dollar stablecoins has surpassed $260 billion. The 'CLARITY Act,' expected to be introduced by the end of 2025, will define the structure of the digital asset market and clarify the regulatory boundaries between the SEC and CFTC. The 'Crypto Project,' led by SEC Chairman Atkins, aims to integrate the securities market with blockchain infrastructure and allow tokenized stocks and bonds to circulate under a unified regulatory system. The report indicates that U.S. crypto ETF assets have reached $160 billion, with institutional investors accounting for approximately one-quarter of the total. Since early 2024, crypto company IPOs have raised over $4 billion, while the total market capitalization of publicly listed crypto firms has grown to $380 billion. Coinbase and Robinhood have already been included in the S&P 500 Index.