Deribit Prepares for U.S. Debut Amid Trump's Pro-Cryptocurrency Advancement
In the ever-evolving world of cryptocurrency, Deribit, the globe's largest crypto options exchange, is mulling over entering the highly anticipated US market. This move comes as the political climate around crypto in the states starts showing promising signs. Deribit currently boasts a hefty $1.3 trillion notional trading volume from 2024 and is now actively reassessing potential opportunities in the United States, as per CEO Luuk Strijers in a Financial Times interview.
The push for US expansion seems to primarily stem from the "recent shift toward a more favorable regulatory stance on crypto in the US," a change that Deribit views as an opportunity for growth. Notably, it's been reported that Coinbase is in talks to buy Deribit, with both parties already informing Dubai regulators.
If the acquisition goes through, the exchange's Dubai license would need to be officially transferred. The news of Deribit's potential entry into the US is mirrored by other major players within the crypto space. Competitors like Kraken are exploring similar avenues, such as Kraken's $1.5 billion purchase of NinjaTrader, to expand their services. Compliances aside, crypto firms such as OKX, Nexo, Wintermute, DWF Labs, and Deribit are all keen on making a mark in the US, buoyed by the returning excitement in the market.
The newfound interest in the US comes at the end of a challenging period during President Biden's term when the SEC and DOJ closely scrutinized crypto companies following the epic collapse of FTX in 2022. Many firms quickly exited the US market due to unclear rules and heavy-handed enforcement, but the trend appears to be rapidly changing.
Now that ex-President Trump has returned to office, he's made a firm promise to "make the US the crypto capital of the world." Since his return, over a dozen enforcement actions have been temporarily halted or withdrawn by the SEC. The DOJ has also disbanded its crypto enforcement unit.
For more context, you might want to check out the latest on Gensler's reactions to the SEC's decision to drop the Ripple XRP and Coinbase cases. This regulatory U-turn has set the stage for a potential boom in the US crypto sector.
- Deribit, the world's largest crypto options exchange, is considering entering the US market, inspired by the recent shift towards a more favorable regulatory stance on cryptocurrency.
- The acquisition of Deribit by Coinbase, with both parties informing Dubai regulators, suggests a potential change in Deribit's license.
- With the return of excitement in the market, other major crypto players like Kraken, OKX, Nexo, Wintermute, DWF Labs, and Deribit are also aiming to expand their services in the US.
- The US cryptocurrency sector might experience a potential boom, as the return of ex-President Trump has led to a promise to make the US the crypto capital of the world, and the SEC has temporarily halted or withdrawn several enforcement actions, including the Ripple XRP and Coinbase cases.
