Nexo Plans Return to U.S. Amid Changing Crypto Regulations
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Nexo, a major cryptocurrency company, announced its plan to return to the United States during a conference held in Sofia, Bulgaria, on April 28. The event, “Trump Business Vision 2025,” featured Donald Trump Jr., son of the former U.S. President, as the keynote speaker.
Nexo’s co-founder Antoni Trenchev shared that discussions with American regulators, like the Securities and Exchange Commission (SEC), have been “constructive.” Nexo had previously left the U.S. after regulatory issues, but with the shift in U.S. crypto policies under President Trump’s administration, the company sees new opportunities. Although Trump Jr. is not directly involved in Nexo’s comeback, he is helping to promote the idea that cryptocurrency is important for America’s future.
Nexo’s Past Struggles with U.S. Regulators
Nexo exited the American market due to legal troubles over its crypto lending services. Moreover, in January 2023, the company agreed to pay $45 million in settlements to the SEC and several states. However, this action came after a wave of crackdowns under former President Joe Biden, whose administration increased tension in the crypto industry following major scandals and bankruptcies in 2022.
Trenchev, who once served as a lawmaker in Bulgaria, mentioned that the current environment under President Trump is very different. According to him, the U.S. is working seriously to become a friendly home for digital assets, with actions supporting these changes, not just talk.
New Opportunities and Remaining Cautions for Crypto Firms
With the Trump administration in charge, regulators have paused or ended several lawsuits against crypto companies. Banking regulators have also withdrawn strict warnings about crypto risks. This has created a more welcoming space for companies like Nexo. As it stands, legal experts warn that businesses must stay cautious. Dan Boyle, a partner at a top law firm, explained that while the government’s attitude has softened, this does not mean companies should ignore rules. Instead, firms must still aim for full compliance.
To this end, Boyle believes that as bigger crypto platforms and stablecoin issuers improve their regulatory practices, the industry will see a split between fully compliant companies and those that fail to adapt.
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