A Republican sweep would allow the new government to push through positive policies for the digital assets sector, which could lead to total crypto market cap swelling to $10 trillion by the end of 2026, investment bank Standard Chartered (STAN) said in a research report on Friday.

Standard Chartered said it sees a number of tailwinds for crypto markets early in the new administration including regulatory changes and a shuffle of positions at the Securities and Exchange Commission (SEC) that could lead to a more benign stance on digital assets.

The bank said these positive developments could see total crypto market cap grow fourfold from $2.5 trillion currently to $10 trillion by the end of 2026.

“The rising tide should lift all digital assets; those most exposed to end-use cases are set to benefit most,” wrote Geoff Kendrick, head of digital assets research at Standard Chartered.

The new administration may also consider the formation of a bitcoin reserve, but this is viewed as a “low-probability but high-impact event,” the report said.

The bank reiterated its 2025 year-end target of around $200,000 for bitcoin (BTC) and $10,000 for ether (ETH), and said it expected solana (SOL) to outperform the largest two cryptocurrencies.

“With a Republican sweep in the U.S. election now looking likely, we believe we have entered the crypto summer,” Kendrick wrote.