Nexx has not returned to the US, there are such plans for this year

Dnevnik send clarifying questions about the plans of Nexo in the United States, its agreement with a local court, and the case against Bulgaria on the investigation of the prosecutor’s office here, but until the editorial end of the text did not receive answers.

« America is back – and with it returns and Nexo »

This is the message in the official announcement of Trenchev, whom the cameras showed to get off the plane with which Trump Jr. landed on Sunday. Nexo is a company for the management of digital assets (as its official business card), which are secured with crypto, also introduced the first crypto credit/debit card some time ago.

Trenchev, who is 38 years old and before his business career, became known as MP (2014-2017) of the Reform Bloc (from the Movement Bulgaria Citizens Quota of Meglena Kuneva), was also the host of the hotel of the US President of the Trump Business Vision. More than 150 business representatives in Bulgaria were present, which received invitations.

« I think crypto is the future of finance. We see the opportunity for the financial sector and we want to guarantee that we will bring it back to the US, » says Donald Trump, Jr. in front of them, adding that « the key to everything related to crypto will be the regulatory framework. »

It does not give details of specific changes, and whether the legislation will be the announced return of Nexo alone on the legislation. There is no information with which company – or a new one will be created – the group registered in Switzerland plans to work on the US market. The company was established in Bulgaria, most of its operations are in the local office, but it does not operate on the Bulgarian market.

Nexo

Silence for the Supreme Summit

On Sunday afternoon, while the media was waiting for the son of the US president (his meeting with them was canceled afterwards) at the hotel, it was learned that Boyko Borisov had been spotted there. The party’s press center then answered all questions at one point, confirming that he had seen Donald Trump, Jr., but « we cannot report the topics and discussed topics at this stage without the consent of the other party. »

The meeting was defined as « working », and due to the lack of information (and even a photo) there were various speculation that it was from a few minutes until « lunch for an hour and a half » (according to a publication on the Tribune site, associated with GERB MP Krasen Kralev, quoted by other publications). Borisov did not attend the forum, but there were various unconfirmed information and how his meeting was organized – separately or along Nexo.

According to political and analysts of the judicial environment, one of the questions is whether the former prime minister raised the issue of dropping the sanctions under the Global Magnitsky law for the leader of the MRF – a New Beginning Delyan Peevski and former Finance Minister Vladislav Goranov before the son of the US President. Borisov’s words were also given to this ten days ago that they were sanctioned not for corruption but by reports and that would change.

Dnevnik failed to contact Borisov on Monday.

Nexx reported that the forum was attended by Gila Gamliel, Minister of Innovation, Science and Technology of Israel, as well as Victor Ponta – a presidential candidate and former Prime Minister of Romania.

« Tectonic change » to cryptocurrencies

Antoni Trenchev is quoted by Reuters to talk about « tectonic change » in the US attitude towards cryptocurrencies: « This is more than just tales, there is a real job that is done to establish the US as the place of cryptocurrency, and we personally experience it. »

The company has experience with cases with local regulators back in time.

Nexo

As a result of the Agreement at the moment for NEXO INC. and Nexo Capital Inc. It is still a ban on activity by 2028 on the New York securities markets, where the main capital markets of industrial-financial (Wall Street) and Technology (NASDAQ) sectors are.

Then (January 2023) from the announcement of the State Prosecutor General of the St. New York, it became clear that one agreement was because they offered an investment product (Earn Interest Product or EIP) and a digital market for cryptocurrencies with promises of high profitability without registering it, as required by law. And the US Securities and Exchange Committee has announced a parallel agreement, whereby Nexx pays a fine and terminates the offering and sale of variable interest bills in the US- the agreement affects the activity in 53 jurisdictions, ie. The 50 US states, the Sofia District of Colombia, Puerto Rico and the US Virgin Islands.

Such out -of -court agreements allow the party to avoid a sentence and even a case during which confidential facts may become available. This would affect her reputation and business. But the New York Supreme Court announcement states: « The defendants neither recognize nor deny the allegations contained in the complaint; however, regardless of the answer filed by the defendants, the facts referred to in the complaint will be considered to be recognized by the defendants for the purpose of any subsequent PME (office. (…). « 

President Joe Biden’s administration maintained a relatively strict regulatory policy towards the crypto sector, including because there were several scandals in his time and several crypto exchanges collapsed, causing billions of dollars.

« Crypto the capital of the world »

With President Donald Trump, who was generously supported in his campaign by entrepreneurs in this sector, this has changed. On March 6, he issued a decree to turn the United States into the « crypto capital of the world » and described a series of actions, including the creation of a strategic reserve by Bitcoin, managed by the Ministry of Finance.

Investor David Sachs was appointed « Crypto Tsar » in the administration, and in early February he said that republicans and senators were working for it for the next 6 months, ie. Prior to the adoption of the country’s new budget, to push a new regulatory framework for the crypto sector.

Donald Trump, Jr. is not a member of his father’s administration, but is an investor in crypto assets.

Since Trump took office, SEC stopped or terminated various pending court cases against crypto companies, and banking regulators in the United States have canceled instructions that warn banks to be cautious about cryptocurrency risks.

Even before Trump, Reuters, reported that people from his team like Hester Pierce, Mark Waeda and Paul Atkins are preparing regulatory changes to make it clear that crypto may be worth as securities and trade with them, and to review some upcoming courts. James, who continues to be the Attorney General of the State of New York, warned in the summer of 2022 that « the virtual currency market exposes investors to dangerous risks, such as sudden prices and potential losses due to hacking attacks, fraud or theft. »