Deribit Eyes US Expansion Amid Trump's Crypto-Friendly Policies

Deribit, the world’s largest crypto options exchange, is considering entering the US market, driven by what it perceives as a more favorable regulatory environment under President Donald Trump’s administration. The Dubai-based exchange, which handled $1.3 trillion in notional volume last year, is actively exploring potential opportunities in the United States, according to its CEO, Luuk Strijers. This shift is motivated by the recent changes in the US regulatory stance on cryptocurrencies, which have become more accommodating.

Deribit’s potential expansion into the US coincides with reports that Coinbase is in advanced discussions to acquire the platform. Both companies have reportedly notified regulators in Dubai, where Deribit is licensed. If the acquisition proceeds, the license would need to be transferred to Coinbase. This move is part of a broader trend where competitors like Kraken are also seeking growth in the derivatives space, as evidenced by Kraken’s recent acquisition of NinjaTrader.

The regulatory landscape in the US has undergone significant changes, particularly after the collapse of FTX in late 2022. During the Biden administration, there was a period of heightened regulatory scrutiny, with aggressive enforcement actions from the SEC and DOJ. This led many firms to withdraw from US operations. However, under Trump’s administration, the narrative has shifted. Trump has pledged to position the US as the global leader in cryptocurrency, and this has been reflected in the regulatory actions. The SEC has dropped or paused over a dozen enforcement cases against crypto companies, and the Department of Justice has dissolved its cryptocurrency enforcement unit, indicating a softer approach to the sector.

This regulatory easing has boosted industry confidence, with several crypto firms announcing plans to expand into the US. OKX, for instance, has announced plans to establish a US headquarters in San Jose, California, just months after settling a significant case with US authorities. Similarly, Nexo, which had left the US at the end of 2022 due to regulatory uncertainty, has revealed plans to reenter the market. Other major players, such as Wintermute and DWF Labs, have also expressed interest in exploring US expansion.

The potential entry of Deribit into the US market underscores the growing optimism within the crypto industry regarding the regulatory environment under Trump’s administration. As more firms reassess their opportunities in the US, the country is poised to become a more significant player in the global cryptocurrency landscape. The shift in regulatory stance and the increasing number of crypto firms eyeing the US market suggest a more favorable environment for cryptocurrency operations, which could lead to further growth and innovation in the sector.