Jump Trading Resumes U.S. Cryptocurrency Operations

Chicago-based trading giant Jump is recommencing its U.S. cryptocurrency operations after scaling back due to regulatory scrutiny and uncertainty over the past couple of years.

Despite the pullback, Jump has continued its digital assets trading and market-making activities globally. Recently, crypto trading volume in the U.S. has been accelerating, according to sources familiar with the situation. Additionally, Jump is looking to hire crypto engineers and plans to start filling U.S. policy and governmental liaison roles soon.

The previous U.S. administration, backed by anti-crypto regulators and banking authorities, attempted to suppress the digital assets sector, a trend which has been rapidly reversed under the current administration.

Jump faced significant regulatory scrutiny following the collapses of the Terra Luna stablecoin and FTX, leading to a notable pullback in the U.S., including a spin-out of Jump’s Wormhole project and a reduction of its crypto division staff, which peaked at about 150 in 2022, according to Bloomberg.

An intriguing opportunity for Jump could be to participate in the U.S. crypto ETF space, where it has yet to make its presence known. There’s a strong possibility that a Solana (SOL) ETF will be approved soon; Jump is recognized for its investment and development efforts within the Solana ecosystem, including projects like Firedancer, software aimed at enhancing transaction throughput on the blockchain.

Jump declined to comment.

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