In a move that could reshape the American crypto landscape, Deribit, the world’s largest crypto options exchange, is contemplating a foray into the US market, spurred by what it perceives as a more accommodating regulatory environment under President Donald Trump. This Dubai-based titan, having handled a staggering $1.3 trillion in notional volume last year, is reassessing its strategic options stateside, according to a recent Financial Times revelation.
The Allure of U.S. Shores
Deribit’s CEO, Luuk Strijers, pointed to a “recent shift toward a more favorable regulatory stance on crypto in the US” as a catalyst for this potential expansion. The backdrop? A political climate that seems to be rolling out the red carpet for the crypto industry, a stark contrast to the regulatory chill that marked the preceding Biden administration. Under Trump, the SEC has notably shelved or paused over a dozen enforcement actions against crypto entities, signaling a warmer embrace for digital assets. As explored in our recent coverage of Trump’s Crypto Sherpa Bo Hines, there is a concerted effort to expedite crypto legislation, further enhancing the appeal of the US market.
This regulatory reprieve has spurred a flurry of activity among crypto firms eyeing US soil. Notably, OKX is setting up shop in San Jose, California, while Nexo is making its US comeback after a brief hiatus due to previous regulatory uncertainties. The decision by the Department of Justice to dissolve its cryptocurrency enforcement unit has only bolstered industry confidence, suggesting a significant pivot in policy.
A Landscape in Motion
The potential entry of Deribit into the US market coincides with an intriguing subplot: Coinbase is reportedly in advanced talks to acquire the platform. This development, first reported by Bloomberg in March, has already seen both parties informing Dubai regulators—a necessary step should the deal proceed and the license transfer to Coinbase.
The allure of the derivatives market, which remains relatively untapped in the US, is undeniable. Competitors like Kraken are also making bold moves, as evidenced by their recent $1.5 billion acquisition of NinjaTrader, underscoring the strategic importance of derivatives in the evolving crypto ecosystem.
Navigating the New Norm
This flurry of interest in the US market comes after a period of regulatory hostility that followed the dramatic collapse of FTX in late 2022. That tumultuous time saw the SEC and DOJ adopting a hardline stance, prompting many crypto firms to retreat. However, with Trump declaring his intent to make the US “the crypto capital of the world,” the narrative appears to be swiftly changing. For a deeper dive into the regulatory implications, see our coverage of the intense debate over crypto legislation in Congress.
Still, the path forward isn’t without its questions. Can this newfound regulatory leniency withstand potential political shifts? Will the US market’s allure hold firm amid global economic uncertainties? These are the questions that industry stakeholders are pondering as they navigate this rapidly evolving landscape.
In the coming months, all eyes will be on how Deribit navigates this potential expansion, the outcome of its talks with Coinbase, and the broader implications for the US crypto market. With the Trump administration’s crypto-friendly stance, the US might just find itself at the forefront of the next great crypto wave—or it could face fresh challenges that might alter its course once again.
Source
This article is based on: Deribit eyes US expansion under crypto-friendly Trump admin: FT
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
