In 2023, as the U.S. Securities and Exchange Commission (SEC) unleashed a rigorous crackdown on the cryptocurrency sector, including high-profile lawsuits against Binance and other protocols, Chaumont made a daring decision to expand the Paris-based market maker’s New York operations. He believed the vast potential of U.S. capital markets outweighed the challenges posed by its regulatory landscape.

At the time, this move seemed almost reckless. Earlier, CoinDesk had published an editorial suggesting that the U.S. government was deliberately stifling the crypto industry through stringent regulatory actions and an apparent reluctance to establish clear guidelines.

“Our company’s ethos has always been guided by a profound conviction about market directions,” Chaumont stated in a recent interview. “Building in the crypto space is about making contrarian bets and uncovering what others overlook. We remain largely unaffected by short-term macro events. This is why we are so bullish on the U.S. as a hub for crypto innovation. It’s a fertile ground for innovation and a vast market for all players.”

Since Chaumont’s remarks at Consensus 2023, Bitcoin’s price has surged by nearly 150%, as per CoinDesk Indices. Additionally, the U.S. regulatory climate has improved, evidenced by the SEC’s approval of Bitcoin ETFs and potential nods for Ether ETFs.

First Mover Advantage

Flowdesk‘s strategic expansion during a period of market pessimism afforded them a significant head start once conditions improved.

“Now, we’re capturing substantial market share, and our company is thriving—profitable with surging volumes and revenues,” he noted. “The approval of ETFs earlier this year fueled a wave of positive sentiment, affirming that our strategic bet would indeed pay off.”

Despite the improved landscape, challenges persist, particularly with the Financial Innovation and Technology for the 21st Century Act (FIT21) moving to the Senate with bipartisan support. Chaumont highlighted the complexities of navigating the U.S. market due to the myriad of licensing requirements, which still pose operational hurdles.

Another significant issue is custody. Chaumont argued that the U.S. needs a streamlined and globally harmonized regulatory framework for custody, which, if implemented correctly, could unlock tremendous business potential.

“Harmonization could resolve many issues,” he explained, pointing to the European Union’s MiCA regulations as a successful model. “In Europe, one registration allows you to operate across the entire region, eliminating the need for multiple state-specific licenses, unlike in the U.S.”

Reflecting on the past year, Chaumont remains optimistic about further regulatory harmonization and growth potential in the U.S. market, envisioning even greater achievements by the time of Consensus 2025.

“Without these bottlenecks and uncertainties, our growth could have tripled, similar to our success in France,” Chaumont concluded.