The introduction of President-elect Donald Trump’s TRUMP memecoin is a paradigm shift in the way the U.S. and the rest of the world approaches crypto, broker Bernstein said in a research report Monday.

“It signifies a new regulatory era, where governments see crypto as a technology to reach out to the masses directly,” analysts led by Gautam Chhugani said.

Trump’s official memecoin debuted on Saturday on the Solana blockchain. It rose to a fully diluted market cap of about $73 billion, making it one of the most successful token launches ever. It tanked almost 40% on Sunday when his wife Melania launched her own memecoin, MELANIA.

A token launch by the president-elect is a big signal to crypto builders in the U.S., especially given the crackdown on the industry by the Biden administration, Bernstein said.

It says “build away in the U.S., and don’t be shy of launching tokens – a new crypto regulatory era is here,” the authors wrote.

Still, the market may want more information on the utilization of the 80% of the TRUMP supply that is held by CIC Digital, an entity that is 100% owned by Donald Trump Revocable Trust.

A memecoin that capitalizes on Trump’s brand and politics has “potential longevity,” but will depend on the token design to “make it less extractive due to 80% insider supply,” the report added.

The TRUMP token will be listed on major crypto exchanges including Coinbase and Binance, according to announcements from the companies.