Out on the dusty trail of finance, where fortunes rise and fall like the California sun, Nexo has saddled up again and ridden back into the United States. Once chased off by regulators wielding gavels and warnings, this cryptocurrency outfit is daring the wild territory anew.
They marked their comeback with none other than Donald Trump Jr., a man who, if anything, knows how to stir the pot with a wink and a grin. Speaking under the hot glare of attention, he declared that “crypto is the future of finance,” and laid it out plain:
“We see the opportunity for the financial sector and want to ensure we bring that back to the US.”
Trading on the old adage of “where there’s smoke, there’s fire,” Trump Jr. pressed the point about needing rules that regulators won’t twist into knots.
“The key to everything crypto is going to be the regulatory framework.”
Nexo’s Return: The Battle Where It Once Took a Beating
Back at the tail end of 2022, Nexo packed up and left — partly because the rulebook felt like a labyrinth written in invisible ink. There was that $45 million slap on the wrist, paid to the SEC for not registering their interest-earning product as a security. That’s a fancy way of saying the lawman caught them red-handed without a badge to show.
And just to hammer the point home, a month later they shut down that very same product to U.S. customers. It had been their magic bean — letting folks earn a daily crop of yields by lending crypto to Nexo itself.
To add some spice, the California Department of Financial Protection and Innovation came knocking too, calling that product an “unqualified security,” which in government-speak means “don’t sell this, or else.”
The SEC’s New Tune: From Stomp to Salsa?
In an unexpected twist, the SEC got a new sheriff named Paul Atkins. The crypto crowd didn’t just nod politely—they applauded. Michael Saylor, the bitcoin baron himself, said:
“SEC Chairman Paul Atkins will be good for Bitcoin.”
And James Gernetzke from Exodus sounded almost relieved, suggesting that dealing with a regulator who makes sense could be a blessing in disguise — or at least a decent Sunday dinner conversation.
As for Nexo, their lips are sealed tighter than a ledger at midnight.
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2025-04-28 11:50