Is America Finally Open for Crypto? Nexo's COO on the US Comeback, Regulation & What's Next

Added: 2026-05-31

[00:00:00]For the first time in years, the US is open for crypto business. Regulators have shifted. Institutions are moving in as we just saw at consensus and companies that sat out are of the chaos are coming back in. Uh my guest today is Neil Steinhard, COO and principal of Nexo US. Neil, welcome to the show.

[00:00:20]>> Thanks, Ashton. Great, great to be here.

[00:00:22]>> Yeah, excited to dive in. We were both just at Consensus 2026 in Miami and it was on full display the institutions uh in the industry big maybe even the biggest booths there uh and coming back into the industry and that's the story that I want to cover with with Nexo today coming back into the US market.

[00:00:41]But I'd love to start with a bit of backstory. You know, a lot of crypto companies made the hard call on whether to serve the US market in the 2021 in and around the FTX era. uh what drove those decisions of th those the players like like Nexo in leaving the US market back when it did?

[00:01:01]>> Um yeah, it's a great question. Uh you know, it was challenging, right? Uh I think we were talking a little bit before the show about some of the regulatory stuff that's been going on and um I I think corporately Nexo decided that you know they're going to focus on more settled markets um and retool and uh I think it's turned out to be a pretty wise decision but you know it was a bold decision um you know the US is a big market a sophisticated market and uh it's not not a market that you want to ignore. Definitely. And there's obviously been a huge shift in in regulation and and you being in the Trady industry and uh in New York where you know a lot of this regulatory discussion takes place as Trady gets into crypto. Uh that that has shifted over the last 12 to 24 months. Uh what do you think are the biggest key factors with Nexo now re-entering the US market?

[00:01:57]So I I think you know a lot of it does hinge on the regulatory clarity right we understand what the market is we we you know market leader second largest crypto lender in the world we understand what we do we do it well um and so I think the time is right to to kind of come back in into the US so uh you know obviously you know >> we're we're watching everything like everybody else is watching right and seeing it's unfolding in real time but there is an interesting convergence between you are tried buying crypto and it's becoming mainstream and institutionalized and um that that's a good thing for the industry.

[00:02:33]>> Definitely. Can you walk me through what uh a compliant re-entry looks like into the US and was it easier being here before? Uh what did you have to build or prove uh to get into the US and and start growing quickly?

[00:02:47]Um so you know obviously we have our partnership with backed right which is great and that gives us a good launching point to come in utilizing their exchange um super compliant publicly traded and um you know we we're tailoring our product offering so we we launched with retail uh we're getting ready to launch corporate next week or so um and you know we're going to roll out our products you know as as as we can right and so I think it's a little more measured approach um than than the shotgun approach that existed in in in 2018 2019 uh because we have that regulatory clarity to operate under >> definitely and that that's a huge name uh in crypto and on the ETF side as well I think a lot of people that were just crypto natives you know they they saw backed come in and you know when the ETFs were launching that was like one of the top names people keep saying backed backed they're deep into crypto uh with this institutional grade infrastructure or partnering with them. That sounds like a huge competitive advantage versus trying to build from scratch.

[00:03:53]>> Absolutely. So, definitely gives us a speed to market. Um, gives us a strong backbone to operate with. Um, you know, and like I said, they've been great partners with us and so, you know, we're looking forward to, you know, growing with them and, uh, you know, we're both on an interesting journey together.

[00:04:09]>> Definitely. Um can you talk a little bit about the I know you mentioned like 100 plus jurisdictions does that what kind of experience um and you know flow does that bring coming into the US when you've already experienced so many other areas working under different rules and regulations >> you know I think we're we're a battle tested company right if you if you you know think back to 2018 and and who we were competing against you know there aren't that many players left um right So, you know, we've been battleh hardened, right? We've we've built systems in place to to make sure that we can, you know, not only survive, but thrive. And um you know, so I think it it's it's really pretty interesting. You know, we we hold ourselves to some pretty high standards uh internally, right, every day. So, uh you know, it it just kind of dubtales with with what's required now to really operate in these jurisdictions.

[00:05:05]>> Definitely. um with the you know the the Genius Act was was a huge regulatory piece uh in the US last year. We're still under discussion around on the Clarity Act. U does do you still think uh well the Clarity Act primarily but more legislation on top of that is needed for you know institutions to be more comfortable using Nexo and coming into the industry or is that enough?

[00:05:32]Um well, I think we were talking about this earlier, right? I I come from a a fintech background in Tradfi and um you know, the absence of regulation, you know, creates the wild wild west and and that's not great. Um you know, too much regulation isn't isn't good either. But uh you know, I will give a hat tip to the administration. I think you know, codifying to law um you know, some of these acts and and I think uh I think they will all pass. The Clarity Act will pass. Um, and understanding the guard rails for for how this industry is supposed to be regulated, understanding who's supposed to regulate, what is going to be regulated, um, creates an opportunity for for companies to really come in and expend capital and grow and you know that the uncertainty keeps it on the sidelines. So, I think this is a perfect time to kind of come back into the US and really take advantage. It's a huge market, right? How how could you ignore uh the the US market? uh you know as we continue to grow there's just a tremendous consumer base here that is uh yearning for for for new digital assets and new opportunities >> definitely the the largest financial market in the world uh evolving into digital assets it's about just obviously we need to focus on this but it's about making sure that it's done right we also want to innovate and I think that's what the crypto natives were worried about you know overregulation killing innovation and that test between trying out new innovative things in in in that gray area versus waiting for the regulators who've been slow and there was a lot of these good technologies, you know, in the 2021 era that that strong foundational companies wanted to experiment with. Um, and you know, but they were worried about the regulation.

[00:07:17]>> Yeah. No, it's a legitimate concern and like I said, I think we're we're starting to get a lot of clarity right now and no pun intended that um you know the these regulations are not going to be discretionary, right? Uh because that that's tricky, right? When when an administration comes in and there's a new head of the SEC and they say one thing or they want to interpret a statute in a certain way as opposed to saying, "Hey, it's codified into law, right? And now, you know, we're going to we're going to move forward. We're going to understand what the rules of the road are." Um so I think this is a great time. you know, we're still super early.

[00:07:48]Um, but when you talk about the US market in particular, right, we have consumers that are really sophisticated uh about finance markets, right? Because they don't get pensions, they get 401ks.

[00:07:58]And if you watch six o'clock news, you see where the Dow is at and you see what the NASDAQ's at. People are savvy, right? We're also a big credit market. I think the average American has three and a half credit cards, right? So unlike some of the markets that we operate in um you know I think we have a very educated consumer here in the US that's uh you know needs to get exposed to Nexo.

[00:08:17]>> Definitely. And around that time uh post 2021 in the FTX era you know it felt like the crypto industry had its reputation beaten down a little bit uh and maybe some of the early institutions that were involved uh got burned a bit.

[00:08:33]Is that still, you know, is that burnt taste still in their mouth on what you're seeing and or is the regulation enough to be like, "Okay, now we can come back and not have to worry about what we what happened to us before."

[00:08:45]>> You know, I would take a broader view to that, Ashton. I mean, I would say like in in most markets, right? You have, you know, Bear Sterns and Lehman Brothers, right? You know, shake the market, right? In banking, Silicon Valley Bank and Signature Bank, right? Then you have FTX and Celsius. I think it's just a a pattern that you see, you know, as markets get tested, right? And then they have to be resilient and then they get hardened. So I I think there's tremendous opportunity. Um you know, obviously if Bitcoin's over 126, people get a little more bullish, I think, right? Um but at the same time, um you know, from an industry point of view, I think these are healthy things, right?

[00:09:26]You kind of shake out some bad actors.

[00:09:28]Um, like I said, you know, there's strength in the system that everybody gets to operate in and uh, you know, makes everybody a little more resilient.

[00:09:35]So, I I think it's green light, full speed ahead.

[00:09:39]>> Definitely. And it seems like from my take at consensus last week, we were both just there. The people seem pretty bullish. you know, we're not in straight up territory where we're moving up 10 20% per day, which is unsustainable um when we're above all-time highs, but it seems like Bitcoin at least has been going up slowly uh you know, taking the the long stairs uh for like two to 3 months almost now, which I think is the best possible way it can be done and it's um what was your take on the sentiment of optimism or pessimism at the conference and sort of the industry in general? I thought it was wildly optimistic and I I think uh it was really interesting to see how mature that show had gotten and you know who was there and who was exhibiting and what the topics were for the for the discussions and the the stages right um you know it seemed a lot more like a mature market than an emerging market and u and like I said I think that's a good thing for mainstream adoption um you know I've been a big fan of uh crossing the chasm as a business model and you know early companies go after the early adopters but you know it's really only 15% of the market right so you know you get your 15% of the market then you uh you know raise some money and double down and you you market like you were marketing before and you fail because the mainstream market are not the early adopters right and they want things to work and they want things to be established so I think you know I I kind of look at it as hey now we're getting past that that early adopter phase um we don't need to sell them anymore they've been bullish from the um you know, how do we get into the mainstream and they just want it to work and they just want it to to to be normal, right, and be a part of it? And you know, some of the crypto ETFs and things that give people a taste. I think there's a lot of opportunity for people to get exposure to to digital assets in ways that they're comfortable with. Um and then that's the really big opportunity because now you're talking about the 85% of the market, right?

[00:11:38]>> Definitely. Um it it it's nice to have comfort with these big players. at least you you know the the old money, the big money that's used to calling their broker, seeing the money in their 401k, knowing that, you know, it's safe compared to the wild west of what crypto was. Being able to do that with Bitcoin, uh, you know, there's so much capital in my parents' generation and beyond that, uh, is untapped into digital assets yet.

[00:12:05]And I'm guessing Nexa would love to have a bigger piece of the pie of that.

[00:12:10]>> That that's our target market, right?

[00:12:11]So, um, so, so we're we're kind of excited about that shift and that appetite. And, um, you know, as you say, I saw something on Twitter the other day. I don't believe everything I I read on social media, but you know, the CEO of Bank of America said you should have 20% digital assets in your portfolio, right? You know, from, hey, you should Bitcoin, right? So, you know, there there is a seismic shift and we can have interesting debate about how digital you should be and what your what your investment thesis is and your risk tolerance is, but um, at the end of the day, like it's not zero, right? when now we're getting to a point where really talking about like well how much of your portfolio should be here and where should it be and how should it be and you know how do how do you want to grow your wealth right and those are really great conversations to have.

[00:12:52]>> Definitely. Yeah, that's a sizable number for a diversification for for somebody who's you know been having just their capital in in the stock market and non-digital assets for for 30 plus years. The number used to be, you know, 1% 1 to 5% but then the people who put in 1 to 5% way back that turned into over 20 to 50 plus percent because they took those those early risks. You know, older people can't always afford to do that, but it paid off for those people.

[00:13:23]Uh so it's nice to see, you know, Bank of America CEO talking about 20%.

[00:13:28]However, maybe that's >> could be wrong. Like I said, you know, the things you read in social media, but but but it is sentiment, you know, >> you know, uh it's nice for them to say that. I think it brings optimism to the people that are cryptonative. However, their customer base or like banks being able to hold traditional assets, I don't know if they would recommend that to every customer that comes in, you know, like as you know, out of the gate, diversify.

[00:13:56]a lot of financial planners and wealth advisors and you know I hey there's some that are you know super bullish right hey you should be you know 80% I'm not giving ad investment advice to anybody right but you know it should be a part of your portfolio and you know it's a high performing part of your portfolio right so it's >> it's it's changing right and you can tell right and I remember when you just have to like you know buy Bitcoin on a message board and it seemed really dodgy you know and holding cold wallet and you're like, well, I don't really know how this works, you know? But now it's like pretty mainstream. Like you can buy it on your Fidelity platform. Um, >> definitely >> which is really like click click now.

[00:14:37]Now I got it. Now it's there right next to my 401k and and my other investments and um it feels very mainstream to me when I when I see it like that.

[00:14:46]>> Definitely. I'd love to get your take on tokenized real world assets and other kinds of assets that are in the traditional markets. You know, it seems like money market funds being tokenized was sort of the early stage. I think everyone's holding out and hoping for a tokenized version of the stock market, tokenized equities, which we're getting there. Um, but what what did you see in the appetite for the institutions uh that you guys are talking to in the tokenized version and digital asset versions of some of these traditional financial instruments that have that play a big part in people's portfolios, >> right? I you know, I think I think it's super interesting, right? And obviously it's it's a it's a big growth opportunity. Um but New York Stock Exchange is coming out with a fully tokenized exchange, right, to run in parallel. Um you know, we live in a world where you can trade 247, right?

[00:15:36]Not just Monday through Friday, you know, uh you know, for for a limited number of hours. Um so, you know, I think that there's a a real need for it.

[00:15:46]Um, you know, I I was invited to speak at a a round table for a political fundraiser and the the topic was blockchain and you know, I I asked the candidate, I was like, who wants to hear about blockchain? Because it seems like so inside baseball, right? It's like uh like I'm a product manager by trade, right? It's like, should we host on AWS or should we host on Azure? I don't know. Like we could have that discussion. Um but blockchain is transformative and so you know I think there is a lot of real utility for tokenized um assets and and to be able to trade them on on blockchains. And so I think um you know it it's not a magic word. I mean I think I guess if you were out there raising money be be good to be on a blockchain. You know it would be good to be using AI because I think it catches investors eye. Um, but beyond that, I think there's some real utility into, you know, kind of putting on this, bringing the transparency, um, lowering fees, making things easier. So, um, I think you're just going to see more and more of it, um, because it just makes sense, right? It's just a seismic technological leap, um, that removes a lot of friction and, um, brings a lot of transparency to the market. So, those are great things.

[00:16:56]>> Definitely. Yeah, it's been uh 15 years of figuring out, you know, what are the things we we knew there was benefits from the beginning. It's just about figuring it out and working with the regulators and then slowly in parallel on on this market uh bringing in that tokenized tokenized equities eventually which is super exciting. But the the one of the main issues has been not just figuring it out but the liquidity side of it because you know the the traditional financial markets they have some of the best liquidity uh on you know the the large market cap assets and I remember as far back as as 2018 I was I was at the tokenized securities conference and it was supposed to be the year that securities were going to be tokenized and liquidity is still an issue now eventually when they get to it 10 years later.

[00:17:50]>> Yeah. Yeah. No, but it comes right and and some of those big players, you know, are coming into the market, right? And they bring their liquidity with them.

[00:17:57]So, um you know, could be a little more challenging to to be a real startup u because you do need that. But um it's it's clearly coming right and and you're watching every day and I think it's really like super fascinating to watch u you know and see the different use cases. Um, you know, I I didn't understand, you know, all like the web 3 and tokenized art and all that. You know, it seemed a little a little fluffy, but I was like, hey, you know, I I could be wrong. Um, you know, I didn't pay too too much attention to it, but uh, you know, obviously like, you know, putting the New York Stock Exchange and and tokenizing it, um, you know, is worlds different and, uh, and probably worlds better, uh, you know, and a better application uh, for the blockchain.

[00:18:41]>> Yeah, definitely. Definitely. There's there's huge capital in there waiting to be tokenized. Uh what what are you most excited about now that Nexo is back in the US market uh with the retail and corporate very soon. What are you most excited about in the US market in you know hitting certain areas hard?

[00:19:00]>> Um you know it it's exciting obviously I've been an entrepreneur my whole life so you know this is a great opportunity.

[00:19:05]Nexo is a fantastic company. uh you know this long before I joined. Uh but the opportunity to grow out the US is uh you know just tremendous and uh you know such a big untapped market and I do think it is so early um you know in in the days that the future is is tremendously bright and so um you know we we tend to target high net worth individuals um next private and I I think um there isn't a better market to play in so you know bringing that message to people um helping them grow their assets um you know with with a a suite of products that that really lends itself to the US market. Um I think it's just a really fun opportunity. Um looking forward to kind of executing on that vision.

[00:19:51]>> Definitely. Well, I'm glad you guys are back.

[00:19:54]>> Yeah, I'm glad to be back.

[00:19:57]Lot of fun.

[00:19:59]>> Yeah, it it's an opportunity that that can't be missed out on. It only makes complete sense that Nexo's coming back in strong um and because it's where the capital is and the smart investors and the entrepreneurs and you know America is just such a great country for that you know both being entrepreneurs it's entrepreneur forward and there's going to be a lot of innovative uh updates in in the in the crypto industry and that merging of tradi with crypto over the next couple years and I I wouldn't want to miss it.

[00:20:27]>> Yeah. know, you know, the horse left the barn, right? Uh, you know, like I don't I don't think we're we're going back to a a world where, you know, cryptos in the shadows and digital assets are are not taken seriously, right? And I think like anything else, you know, hey, there'll be some shakeouts and, you know, there'll be some upstarts that become dominant and there'll be some folks that fade away and that's just normal market movement, you know, uh, right? And and it's to be expected. So I think uh you know for a company like Nexo, second largest crypto lender in the world with a a tremendous suite of products that you know is well well positioned to to be a market leader in the US.

[00:21:08]>> Looking forward to to to following along with the US growth. What's the best way for people to learn more about uh Nexo and private and US customers to to reach out?

[00:21:18]>> Sure. So obviously nex.com us um is a great place to get a lot of information.

[00:21:24]Um, obviously we're on all the socials, so you can follow us on Twitter, um, Facebook, LinkedIn. Um, you know, we got pretty great comms team. We're putting out a lot of information that's that's relevant for this market. Um, and, uh, yeah, we're very easy to follow.

[00:21:39]>> Sounds great, Neil. I can leave those links in the show notes below.

[00:21:43]Appreciate your time. All the best with everything in the US and in globally for for Nexo as well. And would love to follow up again in the near future.

[00:21:51]>> We'd love to. I really appreciate the time, Ashton.