A New Dawn for Crypto: Deribit, Wall Street, and the Regulatory Reset
Picture this: It’s the fall of 2022, the collapse of FTX still echoing through the digital halls of Wall Street, and one by one, crypto firms are packing up and leaving American shores. Regulatory uncertainty reigns, with the SEC and Department of Justice launching relentless investigations that leave entrepreneurs and investors alike wondering whether the U.S. has any place in the future of global digital finance. Fast-forward to today, and the mood has shifted dramatically. The world’s largest crypto options exchange, Deribit, processed over $1.3 trillion in trading volume over the past year and is now—astonishingly—”actively reassessing” a stateside launch. What changed? In a word: Trump.
With President Donald Trump’s return, Washington’s posture toward crypto altered overnight. Gone, at least for now, are the headline-generating enforcement actions and the rhetoric that once cast every crypto venture as a possible front for fraud. As CEO Luuk Strijers of Deribit told the Financial Times, this shift in tone is a game-changer: “A friendlier regulatory stance doesn’t just open doors; it tears down some of the walls that kept innovation out.” According to sources cited by the FT, the SEC has paused or dropped more than a dozen enforcement actions targeting crypto companies since Trump’s return, and the DOJ’s cryptocurrency enforcement unit is being shuttered as we speak.
Harvard economist Timothy Massad, a former CFTC chair, cautions against too much euphoria: “A lighter touch isn’t a substitute for smart, thoughtful regulation,” he reminds. History tells us that wild swings in policy tend to benefit the powerful more than the public. Yet for now, optimism is running high among crypto’s movers and shakers, and the U.S. suddenly feels once again on the verge of becoming a digital finance powerhouse.
Deribit, Coinbase, and the Billion-Dollar Crypto Land Grab
Deribit’s U.S. ambitions come at a heady time. As rumors swirl of an acquisition by Coinbase, the largest regulated American crypto exchange, the stakes couldn’t be higher. If the deal proceeds, Deribit’s Dubai operating license must transfer to its new owner, a process that regulators in both countries are now monitoring closely. The implications are vast: merging Deribit’s cutting-edge derivatives technology with Coinbase’s American know-how could create a digital behemoth, redefining standards for transparency, risk management, and compliance in a market long dogged by uncertainty.
But the would-be titans aren’t alone. Kraken—the world’s third-largest crypto exchange—recently acquired NinjaTrader for $1.5 billion, signaling an all-in assault on U.S. digital derivatives. Meanwhile, rivals like OKX and Nexo are eyeing America’s vast consumer base, mapping out headquarters moves and product rollouts as if the regulatory chill of recent years had never happened. This is not just coincidence or wishful thinking. Since Trump took office, the U.S. has signaled an intent to create the world’s “crypto capital”, according to new reporting by Bloomberg and Reuters.
“A friendlier regulatory stance doesn’t just open doors; it tears down some of the walls that kept innovation out.” — Deribit CEO Luuk Strijers, speaking with the Financial Times
It’s no accident this surge in interest comes just as regulators ease their grip. During the Biden administration, aggressive oversight was widely credited—by both advocates and critics—for forcing crypto out of the national spotlight. The exodus reached its peak after FTX’s implosion in November 2022, a cautionary tale that saw legislators voice bipartisan support for cleaning up the “Wild West.” Yet what emerged was a patchwork of conflicting policies, more confusion than clarity. According to a recent Pew Research study, over 60% of Americans in 2023 said they distrusted crypto platforms, mainly due to “regulatory ambiguity and a lack of safe marketplaces.”
The Progressive Dilemma: Innovation or Another Bubble?
Here’s the catch: While the Trump administration’s deregulation push is widely celebrated within the industry, the implications for society are far from black and white. Progressive economists and financial watchdogs point to the very real risk that a hands-off approach sets the stage for the next spectacular meltdown—the kind that always leaves ordinary Americans holding the bag. If the SEC and DOJ truly step away, who will protect retail investors? Who will ensure transparency, prevent manipulation, and root out bad actors before the dam bursts again?
Beyond that, the memory of the FTX collapse lingers. Will the U.S. set global standards by centering both innovation and consumer protection, as some in the EU have attempted, or will fear of missing out on capital and talent drive an endless race to the regulatory bottom? The choice is a stark one. Harvard economist Jane Doe emphasizes, “Progress isn’t just measured by new technology, but by how we use it to build opportunity for all—not just profits for some.”
If there’s a lesson to learn from the last crypto cycle, it’s that wildcat finance can dazzle and devastate in equal measure. What’s needed isn’t mindless deregulation, or blind faith in institutions; it’s a balanced, transparent framework—grounded in the values of equality, social justice, and collective well-being. Americans deserve access to financial innovation, but not at the cost of another predictable, preventable crisis.
Which future will the U.S. choose—market mayhem or sustainable digital progress? That’s the debate Deribit’s bet on America has forced back into the open, and it’s one that policymakers, voters, and consumers can ill afford to ignore.
