JP Morgan has stated that Donald Trump’s victory in the November elections has ushered in a new era for cryptocurrencies in the United States. "Since Trump’s election, the total market capitalization of cryptocurrencies has increased by roughly 65 percent," the report said. "The Trump administration has also shown a willingness to engage with the cryptocurrency industry, both in terms of regulation and promotion." It has also shown a willingness to discuss how the market can be regulated and how future developments in the U.S. can be nurtured. Trump has already appointed several key figures who will be involved in shaping and enforcing cryptocurrency policy." The report added: "The regulatory environment for cryptocurrencies has never been worse. The industry is now likely to become more secure, transparent and productive from a regulatory perspective. Improved regulation should encourage more exchanges and brokerages to list more tokens and it should also encourage more product innovation." "It will likely take some time before these effects are felt, however. It could be nine to 12 months into Trump’s presidency before the policy impact is felt."