According to JPMorgan, the toughest regulatory challenges for the cryptocurrency market are now behind us, following Donald Trump’s re-election. In a report released Wednesday, the bank highlighted that the total market capitalization of cryptocurrencies has surged by 65% since Trump’s victory, signaling the beginning of a new era for crypto in the U.S.

JPMorgan analysts, led by Kenneth Worthington, emphasized that the incoming administration is not only more supportive of cryptocurrencies but is also actively seeking to foster growth within the sector. The report noted that Trump’s team has shown a willingness to engage in discussions about crypto regulation and to create policies that will ensure the continued development of the industry in the U.S. Several key nominations have already been made for positions that will influence crypto policy and enforcement.

The report also stated that the “worst regulatory environment” for crypto is now in the past, with the ecosystem expected to become “safer, more transparent, and more productive” from a regulatory perspective. However, JPMorgan cautioned that any policy changes might not have a significant impact on the market for another 9 to 12 months.

One key area of concern, according to the bank, is the nomination for the chair of the Commodity Futures Trading Commission (CFTC), a critical role for the regulation of bitcoin (BTC) and ether (ETH).

With a more favorable regulatory environment, the report suggested that cryptocurrency exchanges and brokers would be more likely to list additional tokens, spurring further innovation in the industry.