Cryptocurrency platform Nexo is re-entering the U.S. market on April 28, after previously exiting due to regulatory concerns. The company's co-founder, Antoni Trenchev, stated that the company is back to compete and win. Donald Trump Jr. supports the move, emphasizing crypto's future in finance and the need for supportive regulations to ensure the U.S. remains competitive in the digital economy.
Nexo had left the U.S. at the end of 2022, citing regulatory uncertainty. In early 2023, Nexo settled with the SEC for $45 million over unregistered securities offerings related to its interest-earning product, which was subsequently shut down for U.S. users. The company is planning to offer all its products to US customers with its re-entry, including high-yield crypto savings accounts, asset-backed credit lines, advanced trading, and institutional-grade liquidity solutions.
The U.S. SEC's appointment of Paul Atkins as chair is viewed positively by crypto entrepreneurs. Michael Saylor, CEO of MicroStrategy, believes Atkins will be beneficial for Bitcoin. Atkins has stated that ambiguous regulations for digital assets have created uncertainty and stifled innovation, signaling a potential shift towards a more rational regulatory framework for crypto assets.