Nexo returns to the U.S., with Donald Trump attending an exclusive event.

Source: Cointelegraph Original: “Nexo Returns to the U.S., Donald Trump Attends Exclusive Event”

Cryptocurrency service platform Nexo has announced that it will re-enter the US market after facing previous regulatory challenges.

According to an announcement on April 28, Donald Trump Jr. attended Nexo’s return to market event. He stated at the event that he believes “cryptocurrency is the future of finance,” and added that:

“We see opportunities in the financial sector and hope to ensure that we can bring these opportunities back to the United States.”

Donald Jr. also emphasized the importance of a regulatory environment that supports the cryptocurrency industry. He stated, “The regulatory framework will be key to everything in the development of cryptocurrency.”

Nexo exited the US market at the end of 2022, stating that a lack of regulatory clarity was the reason for this decision. In early 2023, the company agreed to pay a $45 million settlement to the US Securities and Exchange Commission (SEC) due to its failure to register the securities offering and sale of its yield products.

A month after reaching a settlement with U.S. regulators, Nexo also decided to terminate its yield products for U.S. users. This product previously allowed users to earn daily compounded interest by lending specific cryptocurrencies to Nexo.

At the end of 2022, the California Department of Financial Protection and Innovation also issued a stop order on the same yield product managed by Nexo. The regulators stated that the product is an unregistered security, meaning it is a security that has not been approved by the government for sale in the form of an investment contract.

The U.S. Securities and Exchange Commission recently appointed Paul Atkins as chairman, who had previously been seen as a major regulatory obstacle for the cryptocurrency industry.

This change has been positively received by cryptocurrency entrepreneurs. Michael Saylor, the CEO of Strategy (formerly MicroStrategy), the largest corporate Bitcoin (BTC) holder, stated:

“SEC Chairman Paul Atkins will be favorable towards Bitcoin.”

The Chief Financial Officer of the Bitcoin and cryptocurrency wallet Exodus, James Gernetzke, stated: “The prospect of being able to have reasonable dialogue with regulators will be very helpful.”

Nexo declined to comment further on the matter of returning to the U.S. market.

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