Key Takeaways
- Several major crypto firms have announced they will expand or reenter the US market this year.
- Nexo left the US market in 2023 following the failure to resolve regulatory issues with federal agencies through dialogue.
- The reentry and expansions highlight growing confidence in the anticipated regulatory processes spearheaded by the Trump administration.
Eight leading cryptocurrency companies have announced plans to expand their US-based operations this year, citing anticipated crypto regulatory clarity under the Trump administration.
Numerous Pro-crypto Bills in Congress
Among the firms is the crypto services platform Nexo, which stated last Monday that it planned to reenter the United States market, becoming the eighth major crypto-focused firm to announce such plans since the beginning of the year. The others include Circle, Binance and OKX, banking on favorable regulatory clarity in 2025 to begin their US expansion. Pro-crypto bills like the STABLE Act and the GENIUS Act are advancing in Congress and will lay the groundwork for swift success if implemented. Other firms in this group include eToro, Crypto.com, Andreessen Horowitz (a16z), and Coinbase.
Friendly Regulatory Environment
Nexo left the US market in 2023 after its 18 months of negotiation with the US federal authorities reached an impasse. The firm’s planned reentry into the US market cited the ongoing friendly crypto regulatory clarity under Trump’s leadership as the reason behind their decision. Nexo said its new services would give access to its asset-backed credit lines, crypto savings accounts, and advanced trading options for US customers. Commenting on the development, the company’s co-founder, Antoni Trenchev, argued that the company was back to compete and win. Trenchev said:
“Thanks to the vision and leadership of President Donald J. Trump, his administration, and his family, the United States is once again a place where innovation is championed, not stifled. A place where pioneers are celebrated.”
New Products to the US Market
After starting operations in the US in 2018, the digital asset wealth management firm with over $11 billion in assets was forced to exit the American market in 2023 following regulatory challenges and other crypto-focused firms’ failures. At the time, Nexo faced litigation from at least eight US States for failing to register its Earn Interest Product, arguing that all its attempts to resolve the conflict had failed. The firm now plans to bring new products to the American crypto market. The firm said:
“Retail and institutional clients will have access to Nexo’s hallmark offerings, including high-yield crypto savings accounts, asset-backed credit lines, advanced trading, and institutional-grade liquidity solutions.”
Binance.US also officially reinstated USD deposit and withdrawal services less than a month into Trump’s presidency. The firm had halted the service on June 13, 2023, following a civil enforcement action by the Commodity Futures Trading Commission (CFTC), claiming willful evasion of US laws and operating illegally in the country. Binance later settled for $2.7 billion; then-CEO Changpeng Zhao paid $150 million.
OKX, a major global cryptocurrency exchange, announced its reentry into the US market in April 2025. The company said it would implement a phased rollout plan throughout 2025 and has established a new regional headquarters in San Jose, California.
Conclusion
The ongoing expansion by crypto companies highlights the growing confidence within the digital asset space in developing crypto regulatory clarity led by the Trump administration. The involvement of Donald Trump Jr. and other high-profile figures and the anticipated crypto-friendly laws are expected to drive innovation and enhance adoption within the US crypto market. Nonetheless, concerns about conflict of interest due to the US President’s involvement in crypto remain.
Frequently Asked Questions
Are cryptocurrencies regulated in the US?
Currently, no defined regulation is used to regulate digital assets in the US. However, legislators at different levels are discussing several crypto regulation bills in the US.
Does the SEC regulate crypto in the USA?
The SEC’s Crypto Task Force seeks to help the Commission clarify the application of the federal securities laws to the crypto asset market and recommend practical policy measures that foster innovation and protect investors.
Who controls the crypto market globally?
Cryptocurrencies don’t have a central issuing or regulating authority; instead, they use a decentralized system to record transactions and issue new units.
