Crypto Companies Flock Back to the U.S. on the Back of Trump-Era Deregulation

Main Points:

• Regulatory Shift: Trump administration officials signal a friendlier stance, encouraging offshore crypto firms to return.
• High-Profile Endorsements: SEC Commissioner Paul Atkins and Treasury Secretary Scott Bessent publicly urge companies to re-establish U.S. operations.
• Re-entries & Expansions: Nexo, Deribit, Wintermute, OKX, and Bitmain lead the wave of returning or expanding firms.
• Domestic Growth: U.S.-based firms Kraken and MoonPay capitalize on favorable state policies and secure nationwide licenses.
• Strategic Impacts: The moves aim to reinforce America’s position as a global crypto hub, driving innovation, jobs, and clear regulatory pathways.

1. A New Regulatory Dawn

In spring 2025, two of the Trump administration’s top economic officials set the tone for a renewed American embrace of digital assets. On Thursday, April 28, 2025, SEC Commissioner Paul Atkins delivered a keynote at the American First Policy Institute, urging, “We should welcome back the crypto firms that fled our shores” under prior regulatory uncertainty. He emphasized the administration’s vision of transforming the United States into the world’s leading digital asset hub, underpinned by clear, stable rules.
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Just one day later, Friday, April 29, 2025, Treasury Secretary Scott Bessent proclaimed, “The golden age of crypto has begun,” directly calling on developers to “launch here, deploy protocols, and hire talent in America.” Together, these pronouncements crystallized a constructive policy framework: one that balances innovation with consumer protection, creating an inviting ecosystem for crypto ventures.

2. Offshore Firms Return: Profiles & Timelines

Several major crypto firms, long exiled by regulatory ambiguity, have swiftly acted on these signals by planning or executing their return to U.S. markets.

2.1 Nexo’s U.S. Re-Entry

• Date: April 28, 2025
• Origin: Bulgaria
• Business: Crypto lending and yield platform
• Rationale: Cited regulatory clarity and “constructive federal posture” as key drivers for re-establishing U.S. services.

2.2 Deribit Eyes U.S. Derivatives Market

• Date: Early May 2025 (circa May 5)
• Origin: Netherlands
• Business: Crypto derivatives exchange
• Status: Actively exploring market entry strategies, including licensing and compliance roadmaps.

2.3 Wintermute Opens New York Office

• Date: Mid-May 2025 (circa May 15)
• Origin: London
• Business: Algorithmic trading and market-making
• Action: Launched a Manhattan office to support U.S. counterparties and liquidity operations.

2.4 OKX Resumes U.S. Operations

• Date: June 10, 2025
• Origin: Seychelles
• Business: Centralized crypto exchange
• Key Move: After a $500 million settlement with U.S. regulators, OKX established its new headquarters in San Jose, California, signaling a full-scale recommitment to the domestic market.

2.5 Bitmain’s ASIC Manufacturing Plant

• Date: July 10, 2025
• Origin: Beijing
• Business: Crypto mining hardware (ASIC) manufacture
• Plan: Open the first U.S. ASIC fabrication facility by early 2026, with headquarters slated for either Texas or Florida by Q3 2025.

Figure 1: Timeline of Crypto Companies Returning to the U.S.

3. Domestic Leaders Expand Their Footprint

It’s not only foreign players that stand to gain from the administration’s approach: established U.S. firms are seizing the moment to broaden their domestic reach.

3.1 Kraken Moves to Wyoming

• Date: June 2025
• Action: Relocated corporate headquarters from San Francisco to Cheyenne, Wyoming.
• Reason: Cited Wyoming’s crypto-friendly regulatory environment, especially its bespoke state charters and tax incentives.

3.2 MoonPay Goes Coast to Coast

• Date: June 2025
• Action: Shifted its main U.S. office from Miami to New York City.
• Milestone: Achieved money-transmitter licenses in all 50 states, positioning itself for nationwide expansion of its fiat-to-crypto on-ramp services.

Figure 2: Distribution of Crypto Company Types Returning/Entering U.S.

4. Implications for Innovation & Talent

This concerted wave of entries and expansions signals more than just geographic shifts.

• Job Creation: New offices and manufacturing sites portend thousands of direct and ancillary roles in engineering, compliance, and operations.
• Regulatory Certainty: A transparent rulebook reduces compliance costs, encouraging smaller startups to choose U.S. domiciles.
• Capital Inflows: Institutional and retail investors gain confidence, likely boosting fundraisings and token listings.
• Ecosystem Synergy: Closer proximity fosters partnerships between exchanges, DeFi protocols, and traditional financial institutions.

Each of these factors strengthens America’s competitive edge against other crypto-welcoming jurisdictions such as Switzerland, Singapore, and the UAE.

5. Exchange Rates & Financial Context

All monetary references are in U.S. dollars (USD). As of August 4, 2025, the USD/JPY rate stands at ¥145.20 = $1.* *

Conclusion

The Trump administration’s pivot toward crypto—and its high-profile endorsements from SEC Commissioner Paul Atkins and Treasury Secretary Scott Bessent—has catalyzed a palpable resurgence of digital-asset firms in the United States. From Nexo’s relaunch to OKX’s $500 million settlement–backed headquarters, and Bitmain’s forthcoming ASIC plant, the momentum is unmistakable. U.S. stalwarts Kraken and MoonPay further underscore the market’s pull. As regulatory clarity and supportive policies converge, the U.S. is poised to reclaim—and expand—its status as the global epicenter of crypto innovation, investment, and talent.