Deribit plans to enter the US market: optimistic about the loosening of crypto regulation under the Trump administration

As the US cryptocurrency regulatory environment undergoes a positive shift, Deribit, the world's largest crypto options exchange headquartered in Dubai, is considering expanding its business in the United States. According to the Financial Times, Deribit is "actively reassessing" its potential for development in the United States, a decision driven by the recent relaxation of US crypto policies, especially against the backdrop of former President Trump's return to the political stage.Deribit CEO Luuk Strijers pointed out in an interview that the US attitude towards cryptocurrencies is moving in a more open direction, which has become an important opportunity for the company to reconsider the US market. Deribit processed a total of up to $1.3 trillion in notional trading volume in 2023, making it one of the world's largest crypto options trading platforms.It is worth noting that market rumors say that Coinbase is currently in deep negotiations with Deribit on a potential acquisition. According to Bloomberg, the two companies have notified the regulator in Dubai, where Deribit is licensed. If the transaction is completed, the relevant license will be transferred to Coinbase, which means that this potential transaction is not only about capital mergers, but also involves major adjustments at the regulatory level.Deribit is not the only international crypto company to regain interest in the U.S. market. After the collapse of FTX and a series of tough regulatory measures implemented by the Biden administration, many crypto companies withdrew from the U.S. market. However, with Trump vowing to make the United States a "global cryptocurrency center", corporate confidence seems to be recovering rapidly.Since Trump re-entered the campaign, the U.S. Securities and Exchange Commission (SEC) has revoked or suspended more than ten enforcement actions against cryptocurrency companies. At the same time, the U.S. Department of Justice also announced the dissolution of its dedicated cryptocurrency enforcement team, showing a major shift in attitude towards industry regulation.This new policy environment is attracting a number of international crypto giants to refocus on the U.S. market. For example, OKX quickly announced that it would set up its U.S. headquarters in San Jose, California after reaching a $504 million settlement agreement; Nexo, which withdrew from the U.S. market for more than a year, also said it was preparing to return; in addition, Switzerland's Wintermute and Dubai's DWF Labs have also expressed their intention to enter the United States.In addition, Deribit's main competitor Kraken recently acquired NinjaTrader for $15 billion to strengthen its derivatives trading business, laying the foundation for its expansion in the US market.With the improvement of the regulatory atmosphere and the recovery of industry confidence, the United States may once again become a strategic high ground for global crypto companies to enter. Deribit's move is undoubtedly another strong proof of this trend.