According to online reports, Bernstein released an analysis report stating that "the crypto market was forced to switch to useless meme coins in order to avoid regulatory crackdowns on utility tokens and NFT projects. However, as the Trump administration relaxes regulations, analysts expect liquidity. Will return to pragmatic-driven tracks such as DeFi (decentralized finance), GameFi and NFT." "Trump's nominee for crypto-friendly regulator Paul Atkins will run the SEC (pending Senate confirmation) and establish a crypto working group led by Republican Commissioner Hester Peirce. The SEC's agreement in principle to drop securities violations charges against Coinbase and terminate its investigation into OpenSea both indicate a policy shift. The continued inflow of ETF funds and a wave of corporate hoarding led by Strategy will push Bitcoin up in the coming months. Even if the market is sluggish in the recent market, it will maintain its year-end target price of US$200,000." "Stabiloins and real asset tokenization (RWA) is another focus, especially with the expected implementation of the regulatory framework for staboins and digital asset securities. Stable coins will be the first to affect cross-border B2B payments, interbank settlements and remittances. As the regulation of crypto-asset securities becomes clear, the tokenization of equity and debt will open up new paths for corporate financing, and the demand for stablecoins as a settlement currency will also grow. It is expected that stablecoins will expand the potential market for trading platforms and brokers-tokenized equity listings will drive trading volume growth, and demand for stablecoins will increase platform float income."