Over the years, we've seen a couple of established crypto companies move out of the US and a more significant amount withdraw certain services from the United States markets, primarily due to the past governments anti-crypto stance plus lack of regulatory clarity.
We saw Nexo exit the US amid BlockFi, Celsius, and Voyager bankruptcy declaration in 2022. That said, reports show that Nexo exited due to regulatory probes rather than insolvency.
Crypto.com shut down its US institutional trading arm in 2023, Galaxy digital, Gemini, Binance and even Coinbase previously signalled potentially leaving the US as regulatory uncertainty and pressure persisted.
The United States was losing to the world as a Nation in crypto positioning and this made it easy for Trump to earn the crypto community's support when he pledged to make the United States a global leader in crypto, easing up regulatory restrictions to enable the convergence of DeFi and mainstream finance.
Evidently, things have changed since the Trump administration took over power, for his second term on January 20, 2025.
SEC Chair Aktins calls to ‘reshore crypto’
In a Thursday speech at the America First Policy Institute, SEC Chair Paul Atkins called on the country to “reshore the crypto businesses that fled,” reinforcing a broader effort by the administration of President Donald Trump to position the US as a global hub for digital assets.
Treasury Secretary Scott Bessent said on Friday that the US has entered the “golden age of crypto” and issued a direct call to builders: “Start your companies here. Launch your protocols here. And hire your workers here.”
Backed by clearer regulations and high-level political support, crypto companies are beginning to respond, with some relocating operations to the US from abroad, and others, like Kraken and MoonPay, expanding their domestic footprint in response to the policy shift. – Cointelegraph report
In the late of April, it was reported by theblock.co, that Nexo, which I previously mentioned to have exited the US market, announced returning to open its doors to the United States customers. This was nearly two years after halting US operations due to regulatory scrutiny of its Earn Interest products, the report highlighted.
The company revealed its return during a closed-door business event, where it announced plans to reintroduce crypto savings accounts, asset-backed loans, and other core offerings for both retail and institutional customers.
Nexo previously exited the United States due to multi-agency investigations and eventually paid $45 million to settle charges with federal and state watchdogs. – Theblock.co
The United States friendlier and pro-crypto reforms, rolled out by the Trump administration, is going to pull crypto companies to the US and significantly accelerate developments within the $29Trn economy.
The combination of pro-crypto rhetoric, concrete legislation and a clearer regulatory climate under the Trump administration is starting to deliver results, with several global crypto companies expanding into the US and bringing operations back to American soil.
In early May, Deribit, a Netherlands-based derivatives exchange, was reportedly exploring a US market entry. London-based algorithmic trading company and market maker Wintermute opened a New York office in the same month. – More from CT
It would interest you to know that crypto companies returning to the US isn't the most exciting piece of news for the crypto industry at this time.
According to a report on X, the SEC Chair Paul Atkins, also recently said “Wall Street & Silicon Valley companies are "lined up at our doors with requests to tokenize.”
This is significant because growth in tokenized real world assets (RWAs) brings liquidity that would otherwise remain idle, on-chain to become active capital, contributing to the growth of decentralized finance protocols, projects and networks.