Bitget CEO Gracy Chen announced the crypto exchange will enter the United States market, stating in a Tuesday interview that the decision is final. Chen told The Starting Block podcast the expansion will proceed regardless of whether Congress passes the Clarity Act. The offshore exchange, registered in the Seychelles, previously considered establishing a US operation in 2022 but shelved those plans after the collapse of FTX and what Chen described as an unfriendly regulatory environment under the Biden administration. Chen said she is now leading the expansion effort, with Bitget planning to secure money-transmitter, derivatives, and broker-dealer licenses before launching services through an independent US-based entity.
Bitget Plans Regulated US Market Entry Through Independent Entity
Chen stated in the Tuesday interview with The Block's Gareth Jenkinson that Bitget has stayed away from the US market since day one. The CEO said the company now plans to enter the US market in the proper way by obtaining all necessary licenses and setting up an individual, independent US-based entity. Chen said everything needs to be ready before the company ships anything, adding that passage of the Clarity Act could make the licensing process a bit easier and clearer but would not change the expansion plans either way.
Bitget Reports $100 Million in Tokenized Stock Assets, Discusses NYSE and Nasdaq Partnerships
Chen said Bitget has been in talks with NYSE and Nasdaq about how the exchange could help distribute tokenized versions of traditional assets. The CEO described the stock exchanges as potential partners, stating that at this point the relationship is more collaborative and that the work needs to be done together with NYSE, Nasdaq, RWA issuance providers, and broker-dealer license providers in the US. According to Chen, traditional assets accounted for between 20% and 30% of Bitget's spot trading volume during the previous quarter, while 52% of the exchange's users now hold crypto and stocks. Chen added that the exchange's tokenized-stock products have accumulated more than $100 million in assets since launching last month.
Trump Agrees to Clarity Act Ethics Provision, Senate Vote Expected Before August
President Trump agreed on Monday to ethics language in the Clarity Act intended to restrict how government officials can profit from digital assets while in office, according to an industry source who spoke to The Block. The ethics dispute had been a major obstacle in negotiations. Updated bill text is expected in the coming days and could potentially set up a Senate vote before lawmakers leave Washington in early August. Chen said she has become more pessimistic about the Clarity Act's prospects as the midterm elections get closer.
FAQ
What did Bitget CEO Gracy Chen announce about US market entry?
Gracy Chen announced in a Tuesday interview on The Starting Block podcast that Bitget will enter the United States market regardless of whether Congress passes the Clarity Act. Chen said the company has already made the decision to expand into the US and plans to secure money-transmitter, derivatives, and broker-dealer licenses before launching services through an independent US-based entity.
How much have Bitget's tokenized stock products accumulated since launch?
According to CEO Gracy Chen, Bitget's tokenized-stock products have accumulated more than $100 million in assets since launching last month. Chen also stated that traditional assets accounted for between 20% and 30% of Bitget's spot trading volume during the previous quarter, and 52% of the exchange's users now hold crypto and stocks.
What is the current status of the Clarity Act legislation?
President Trump agreed on Monday to ethics language in the Clarity Act intended to restrict how government officials can profit from digital assets while in office, resolving a major obstacle in negotiations. Updated bill text is expected in the coming days and could set up a Senate vote before lawmakers leave Washington in early August.
