U.S. Re-entry for Crypto Lender Nexo, Citing Favorable Cryptocurrency Regulations Under Trump Administration Policies
Bustling Back: Nexo Makes a Comeback in U.S., Citing Friendlier Climate
Crypto lender Nexo has announced its triumphant return to the U.S. market, having departed in 2022 due to regulatory turbulence. Antoni Trenchev, co-founder of Nexo, attributes this revival to the Trump administration's pro-innovation stance.
In an event attended by Donald Trump Jr., Trenchev extolled the Trump administration's vision and leadership, stating that the U.S. is now an encouraging ground for innovation, not a hindrance. Nexo's resurrection in the U.S. promises to offer its comprehensive suite of services to retail and institutional clients, including high-yield savings products, credit lines, and advanced trading solutions.
Initially, Nexo's exit from the U.S. stemmed from negotiations involving its Earn Interest Product with state and federal regulators. This move coincided with the implosion of crypto exchange FTX and a presumed crackdown on crypto lenders. After confrontations with regulators in New York and California, Nexo left the U.S., deeming it an unfavorable environment for operation.
While specifics remain elusive, Trenchev emphasized that America is once again a beacon for crypto pioneers. Nexo, having undergone a major rebranding in October 2024, now positions itself as the initial comprehensive and compliant digital assets wealth platform. Kosta Kantchev, Nexo's Co-founder and Executive Chairman, declares, "We are the first major crypto company to shift strategically to a comprehensive digital asset wealth platform, offering independent and astute investors innovative and adaptable methods to amplify and access their wealth digitally."
The Trump administration's relaxing regulatory grip on digital assets might have facilitated Nexo's return to the U.S. market. For instance, the SEC has eased enforcement, is reevaluating its stance on digital assets, and supports classifying cryptocurrencies as commodities. This classification could decrease SEC oversight and boost the CFTC's role.
Furthermore, the disbandment of the National Cryptocurrency Enforcement Team and the reduction of IRS regulations for DeFi exchanges may also contribute to a more permissive environment for cryptocurrency businesses in the U.S., potentially opening doors for Nexo's growth within the country.
Edited by Stacy Elliott
Editor's note: This story was updated post-publication to clarify that Donald Trump Jr. appeared at the Nexo event, not President Donald Trump
Cryptocurrency Daily Brief
- Crypto lender Nexo, under the Trump administration's pro-innovation stance, has returned to the U.S. market where it departed due to regulatory turbulence in 2022.
- Nexo extolled the Trump administration's vision and leadership, stating that the U.S. is now an encouraging ground for innovation in the field of cryptocurrency.
- Nexo's revival offers a comprehensive suite of services to retail and institutional clients, including high-yield savings products, credit lines, and advanced trading solutions.
- Nexo's exit from the U.S. in 2022 was due to negotiations involving its Earn Interest Product with state and federal regulators, coinciding with the implosion of crypto exchange FTX.
- Nexo has undergone a major rebranding, positioning itself as the initial comprehensive and compliant digital assets wealth platform.
- The Trump administration's relaxing regulatory grip on digital assets, such as the SEC easing enforcement and reevaluating its stance on cryptocurrencies, may have facilitated Nexo’s return.
- The disbandment of the National Cryptocurrency Enforcement Team and the reduction of IRS regulations for DeFi exchanges may also contribute to a more permissive environment for cryptocurrency businesses in the U.S.
- Kosta Kantchev, Nexo’s Co-founder and Executive Chairman, declared, "We are the first major crypto company to shift strategically to a comprehensive digital asset wealth platform, offering independent and astute investors innovative and adaptable methods to amplify and access their wealth digitally."
