Crypto company Nexo Capital Inc is planning to return to the US market after settling regulatory charges and paying a $45 million fine. The company’s plans were announced at a conference in Bulgaria where Donald Trump Jr., the eldest son of US President Donald Trump, was the star speaker.
The event, titled “Trump Business Vision 2025,” was hosted by Nexo in Sofia on Sunday. Donald Trump Jr. stated that cryptocurrency is “the future of finance” and expressed his desire to bring this opportunity back to the US.
Nexo co-founder Antoni Trenchev told Reuters that the company is having “constructive” conversations with US regulators, including the Securities and Exchange Commission (SEC). He emphasized that Trump Jr.’s presence was not helping Nexo return to the US market but was instead “spreading the message that crypto is important to the United States.”
Background
Nexo had previously exited the US market due to disputes with regulators over a crypto lending product. The company agreed to pay $45 million in penalties in 2023 to settle charges from the SEC and state regulators.
Current Developments
The planned re-entry comes as President Trump has signaled a shift in the government’s approach to the crypto industry. Trump has called for easing crypto regulations and has even launched his own cryptocurrency. Since taking office, the SEC has paused or dropped various pending lawsuits against crypto firms, and US banking regulators have scrapped guidance warning banks about crypto-related risks.
Implications
The Trump family’s involvement in cryptocurrency extends beyond mere support. They are building their own crypto business, World Liberty Financial, with Donald Trump Jr. listed as an ambassador. Critics have raised concerns about potential conflicts of interest arising from the family’s business ventures.
Trenchev noted a “tectonic shift” in US attitudes towards crypto, stating that there is actual work being done to make the US a hub for cryptocurrency. Nexo’s products include crypto-backed loans, crypto trading tools, and a crypto exchange.
