After navigating previous regulatory issues, cryptocurrency platform Nexo has announced its comeback to the US market.
The company’s return was marked by a special event on April 28, where Donald Trump Jr. appeared as a guest. During his speech, Trump Jr. expressed strong support for cryptocurrencies, stating:
“We believe crypto represents the future of finance and we’re eager to help bring that innovation back to America.”
He also stressed the importance of creating a supportive regulatory framework for the industry, noting that:
“Regulation will be the key to crypto’s success.”
Nexo’s Comeback After a Rocky Past
Nexo had exited the US market in late 2022, citing regulatory uncertainty. Early in 2023, the company reached a $45 million settlement with the US Securities and Exchange Commission (SEC) for not properly registering its interest-bearing product as a security.
Following the settlement, Nexo halted the offering of that product to US users. The product allowed investors to earn daily yields by lending cryptocurrencies through the platform.
The California Department of Financial Protection and Innovation had also ordered Nexo to cease offering the product, labeling it an unapproved and unregistered security.
New Leadership, New Hope for Crypto
The US SEC, once known as a significant hurdle for crypto businesses, has recently changed leadership, appointing Paul Atkins as its new chairman.
This move has been welcomed by key figures in the crypto world. Michael Saylor, CEO of Bitcoin-focused firm Strategy (formerly MicroStrategy), stated:
“Paul Atkins will be a great ally for Bitcoin.”
Similarly, James Gernetzke, CFO of the crypto wallet Exodus, commented that being able to work constructively with regulators would be extremely valuable for the industry.
For now, Nexo has chosen not to give additional statements regarding its future plans in the US.
