Crypto companies are returning to the US, following signals of friendlier regulation and support from government officials.
Return of Crypto Companies to the US
SEC Chair Paul Atkins, in a speech at the America First Policy Institute, called for the return of crypto businesses that fled the country. He emphasized the need for a clearer regulatory environment to incentivize the consolidation of the crypto industry in the US. Treasury Secretary Scott Bessent also announced the onset of a 'golden age of crypto' in the country, urging entrepreneurs to start their companies and hire workers in the US.
Expansion of Domestic Firms
US-based crypto firms such as Kraken and MoonPay are actively expanding their operations. Kraken moved its headquarters to Cheyenne, Wyoming, citing the state's pro-crypto stance. MoonPay also opened a new office in New York City and secured licenses to operate in all 50 states.
Overall Trends in the Crypto Industry
The improved regulatory environment has led to foreign companies also re-entering the market. For instance, Nexo announced its return to the US after a multi-year absence, and OKX relaunched its operations in the country following a settlement with regulators. Additionally, Chinese company Bitmain plans to open a manufacturing facility in the US.
The overall trend of crypto companies returning to the US indicates that improved regulatory policies and government support may foster the development of the digital assets industry in the country.
