Key Takeaways
- Kris Marszalek of Crypto.com met with Donald Trump to discuss potential crypto appointments and Bitcoin reserve matters.
- Trump’s administration has appointed several crypto advocates to key financial positions.
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President-elect Donald Trump met with Crypto.com CEO Kris Marszalek at his Mar-a-Lago estate in Florida on Monday to discuss appointments related to the crypto industry and Bitcoin reserves, according to a new report from Bloomberg, citing a source familiar with the conversation.
The meeting covered potential appointments in the financial departments, Congress and the incoming administration, the report noted.
“We look forward to working with the new administration to develop and advance clear regulations for the crypto industry so the US can become a global leader in digital assets and innovation,” a Crypto.com spokesperson told Bloomberg.
It was Trump’s most recent meeting with leading figures from crypto businesses in the US. Last month, the President-elect had a phone call with Brian Armstrong, CEO of Coinbase, where they discussed broader crypto topics, as reported by Fortune.
The meeting comes at a time when Trump’s transition team is expected to announce their appointment to the Commodity Futures Trading Commission (CFTC) chair position. The role is among the key appointments in focus following the nomination of Paul Atkins as SEC Chairman.
Once a skeptic of Bitcoin, Trump has embraced cryptocurrency and proposed ideas such as a crypto advisory council and a strategic Bitcoin reserve.
Apart from the pro-innovation Atkins, Trump has also named several crypto advocates to key positions, including Cantor Fitzgerald LP’s Howard Lutnick as commerce secretary and Scott Bessent as Treasury secretary. Venture capitalist David Sacks has been appointed to advise on both artificial intelligence and crypto.
There is hope that new leadership could reverse the aggressive regulatory actions taken under Gary Gensler, the current SEC Chair.
Crypto.com withdraws action against SEC
In October, Crypto.com took legal action against the SEC following the receipt of a Wells Notice, which indicates the SEC’s intention to pursue enforcement actions against the company.
In a lawsuit filed on October 8, Crypto.com claimed that the SEC had overstepped its legal authority by asserting jurisdiction over nearly all crypto assets. The company argued that the SEC’s classification of most crypto transactions as securities was inconsistent and lacked a proper legal basis, particularly as it exempted Bitcoin and Ethereum from this classification.
Alongside the lawsuit, Crypto.com also filed a petition with both the SEC and the CFTC to clarify which agency should regulate specific cryptocurrency derivative products.
However, a Crypto.com spokesperson told Bloomberg that on Monday, the company had dismissed its lawsuit against the SEC
“We have withdrawn our action against the SEC because we intend to collaborate with the incoming administration to develop a regulatory framework for the industry,” said the spokesperson.
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