Donald Trump's victory in the November presidential election is already ushering in a new era for crypto in the U.S., JPMorgan (JPM) said in a report Wednesday, noting that the total cryptocurrency market cap has jumped about 65% since his reelection.

"Not only does this new administration bring a sense of crypto friendliness, but it also has shown an eagerness to promote the asset class," analysts led by Kenneth Worthington wrote.

The incoming administration has shown a willingness to talk about crypto market regulation and about how to keep future development in the U.S., the report said, adding that the president-elect has already nominated a number of people who will take part in the formulation of crypto policy and enforcement.

This means a floor has been established, in that the "worst regulatory environment for crypto" is in the past, the report said. The ecosystem is now expected to become a "safer, more transparent, and more productive industry (from a regulatory perspective) from this point."

Still, these positive tailwinds could take some time to have an effect. JPMorgan cautioned that the market might not see policy impacts for at least nine to 12 months into Trump's term.

Trump's nomination for the Commodity Futures Trading Commission (CFTC) chair is one piece missing from the administration's pro-crypto agenda, the Wall Street bank said. The position is important because of its likely role in regulating bitcoin (BTC) and ether (ETH).

A more productive regulatory environment would lead to the listing of more tokens by exchanges and brokers, and would also encourage more product innovation, the report added.

Read more: Crypto Markets Have Benefited From a Positive Environment Since U.S. Election: Citi