Deribit, the world’s top crypto options exchange, is preparing to enter the U.S. market, signaling a major vote of confidence in what many see as a dramatically improved regulatory landscape under President Donald Trump. The Dubai-based exchange, which handled $1.3 trillion in trading volume last year, is actively exploring opportunities in the U.S., CEO Luuk Strijers told the Financial Times. He pointed to the administration’s friendlier stance on digital assets as a key reason for the shift.

Deribit’s U.S. ambitions come amid reports that Coinbase is in advanced talks to acquire the exchange. If completed, Coinbase would take over Deribit’s Dubai license, potentially accelerating its own derivatives expansion. This move parallels activity from other major players like Kraken, which recently bought NinjaTrader for $1.5 billion to boost its derivatives offering.

After years of regulatory hostility under the Biden administration following the FTX collapse, the tide appears to be turning. Trump has vowed to make the U.S. the global hub for crypto, and since his election, the SEC has quietly dropped or paused more than a dozen cases against crypto firms. The Department of Justice has also disbanded its cryptocurrency enforcement unit, signaling a softer regulatory tone.

Other crypto giants are quickly taking notice. OKX is opening a U.S. office in California. Nexo, which exited the U.S. in 2022, has announced its return. Swiss firm Wintermute and Dubai-based DWF Labs are also eyeing U.S. growth. As the political landscape shifts, so too does the future of crypto in America—potentially opening the floodgates for a wave of global platforms ready to bet big on a crypto-friendly America.