Deribit’s Big American Dream: Crypto, Cowboys, and Regulatory Rodeos

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If there’s one thing you can always rely on in the wild west of crypto, it’s that no one actually knows what’s going on—but everyone desperately wants in. Take Deribit, supposedly the world’s largest crypto options exchange, which, after an extended sabbatical in sunny Dubai, is now toying with the idea of entering the American market. You know, because nothing screams “good idea” like hitchhiking into the US financial ecosystem wearing nothing but flip-flops and optimism during a crypto-friendly Trump administration.

“We’re actively reassessing potential opportunities in the US,” crooned CEO Luuk Strijers to the Financial Times, an expression so vague it could refer to launching a new tech platform or contemplating whether to buy a goldendoodle.

The pitch? Apparently, America has developed a newfound love affair with crypto, at least according to whoever writes the press releases at Deribit HQ after their sixth espresso. “Recent shift toward a more favorable regulatory stance on crypto in the US”—that’s their version of romance language.

Look, Deribit’s entrepreneurial fever is peaking just as rumors swirl that Coinbase—crypto’s equivalent of Home Depot for get-rich-quick dreams—is in “advanced talks” to buy them out. That’s right. Over in Dubai, both boards have notified regulators, who are presumably still trying to install a printer that works. If Coinbase closes the deal, they’ll have to swap the license like Pokémon cards at recess.

The background for this “strategic move”? Their main rivals, like Kraken, are out here making power grabs with NinjaTrader to the tune of $1.5 billion, proving that in crypto, there’s always a bigger fish, or at least a fish with more spare change.

Report: Deribit options exchange is evaluating buyout offers: Report

Crypto firms: Come for the Lawsuits, Stay for the Loopholes

And Deribit isn’t alone. US expansion has become the crypto world’s version of bad karaoke—everyone wants a turn, results may vary.

This all comes after the “no fun” Biden era, when the only thing more aggressive than the SEC’s lawsuits was your uncle’s opinions on Twitter. After FTX imploded like a soufflé in a car accident, the government began serving legal notices faster than you can say ‘Bitconnect’.

Fast forward to the Trump era, and crypto folks are doing cartwheels: the SEC is dropping cases like unwanted email subscriptions, and the DOJ has unceremoniously fired its crypto enforcement unit. (Rumor has it their office coffee machine remains, as a warning.)

Confidence is soaring: OKX is suddenly opening a US headquarters in San Jose, California—known for its tech, not for its affordable housing—mere months after writing a $504 million check to US authorities. 🚀

Even Nexo, which fled the US after being regulated into submission, is returning, probably because no one would return calls from its Bulgarian headquarters. In a plot twist no one saw coming, both Switzerland’s Wintermute and Dubai’s DWF Labs want a piece of the US action too.

All in all, America’s crypto party is back on—at least until the music stops. 💃🍸

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2025-05-03 14:00