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

The cryptocurrency service platform Nexo announced that it will re-enter the U.S. market after facing previous regulatory challenges.

According to an announcement on April 28, Donald Trump Jr. attended Nexo's market re-entry event. He stated at the event that he believes "cryptocurrency is the future of finance," and added:

"We see opportunities in the financial sector and hope to ensure that we can bring these opportunities back to the U.S."

Donald Jr. also emphasized the importance of a supportive regulatory environment for the cryptocurrency industry. He stated, "The regulatory framework will be key to the development of everything in cryptocurrency."

Nexo exited the U.S. market at the end of 2022, citing a lack of regulatory clarity as the reason for this decision. In early 2023, the company agreed to pay a $45 million settlement to the U.S. Securities and Exchange Commission (SEC) for failing to register the securities offering and sale of its yield products.

One 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 returns by lending specific cryptocurrencies to Nexo.

At the end of 2022, the California Department of Financial Protection and Innovation also issued a cease-and-desist order against the same yield product managed by Nexo. Regulators stated that the product was an unregistered security, meaning it had not been approved by the government for sale as an investment contract.

The SEC recently appointed Paul Atkins as chairman, who had previously been viewed as a major regulatory obstacle for the cryptocurrency industry.

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

"SEC Chairman Paul Atkins will be favorable for Bitcoin."

James Gernetzke, CFO of the Bitcoin and cryptocurrency wallet Exodus, said, "The prospect of being able to have reasonable dialogue with regulators will be very helpful."

Regarding its return to the U.S. market, Nexo declined to comment further.

Related: U.S. Congress Repeals IRS Broker Reporting Rule, but Challenges in Decentralized Finance Regulation Remain

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