Nexo Capital’s Lobbying Efforts Intensify
Nexo Capital, a cryptocurrency exchange platform based in the Cayman Islands, has resumed its operations in the United States after initially halting them due to a $45 million penalty imposed by the U.S. Securities and Exchange Commission (SEC) earlier this year. The firm announced its plans for a relaunch in the U.S. on February 16, 2023, stating that it is collaborating with regulated partners to ensure compliance with U.S. regulations for its investment and credit product offerings. The company identified Bakkt, a former subsidiary of the New York Stock Exchange (NYSE), as the digital asset trading infrastructure for this relaunch. Bakkt experienced significant stock fluctuations following an attempted acquisition by the Trump Media and Technology Group in late 2024.
Strategic Lobbying Collaborations
Antoni Trenchev, co-founder of Nexo Capital and a former member of the Bulgarian parliament, has recently registered to lobby the federal government in the U.S. The firm has engaged Enrique A. de la Torre, a former CIA chief of station in Venezuela, to lead its lobbying efforts. This registration of de la Torre has not been previously disclosed in the media. Notably, Bakkt’s former CEO, Kelly L. Loeffler, who is also the spouse of NYSE chairman Jeffrey Sprecher, has been involved in significant political roles, including serving as President Trump’s Small Business Administration chief since February 2025. It is worth mentioning that a substantial portion of President Trump’s income last year was linked to his investments in World Liberty Financial, a controversial cryptocurrency company with deep connections to his foreign policy initiatives in the Middle East.
Connections to U.S. Foreign Policy
In a recent report, it was noted that the CIA appointed Jonathan “Jonny” Gannon as Abu Dhabi station chief in 2023, focusing on monitoring the ties between the state-affiliated technology investment firm Group 42 and China. This firm has connections to both World Liberty Financial and Trump’s “Stargate” artificial intelligence project. De la Torre’s lobbying firm, Tower Strategy, has bolstered its Venezuelan credentials by recruiting James B. Story, a former U.S. ambassador to Venezuela, as a strategic advisor. The firm has also transitioned clients from de la Torre’s prior role at Continental Strategy, which was founded by Carlos Trujillo, a former U.S. ambassador known for his close ties to U.S. Secretary of State Marco A. Rubio and as a prominent Latino strategist for Trump.
Nexo’s Bulgarian Ties and Regional Implications
The lobbying efforts of Nexo Capital are underscored by the geopolitical significance of Trenchev’s native Bulgaria, which has played a notable role in the second Trump administration’s Middle Eastern policies. This connection is exemplified by Nickolay Mladenov, Bulgaria’s former defense and foreign minister, who served as the High Representative for Gaza on Trump’s Board of Peace. In a recent diplomatic exchange, Iranian Foreign Minister Abbas Araqchi cautioned his Bulgarian counterpart, Velislava Petrova-Chamova, that the use of Bulgaria’s Bezmer Air Base by the U.S. Air Force as part of ongoing military operations against Iran constitutes an aggressive act by Bulgaria.
