Key takeaways
- Crypto.com’s Kris Marszalek sat down with Donald Trump to discuss potential crypto appointments and Bitcoin reserve issues.
- The Trump 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 nominations related to the crypto industry and Bitcoin reserves, according to a new Bloomberg report, citing a source familiar with the conversation.
The meeting discussed potential appointments in financial departments, Congress and the new administration, the report noted.
“We look forward to working with the new administration to develop and advance clear regulations for the crypto industry so that the United States can become a global leader in digital assets and innovation,” said a Crypto.com spokesperson told Bloomberg.
This was Trump’s final meeting with crypto industry figures in the United States. Last month, the president-elect had a phone call with Brian Armstrong, CEO of Coinbase, where they discussed broader crypto topics, as Fortune reports.
The meeting comes at a time when Trump’s transition team is expected to announce his nomination to chair the Commodity Futures Trading Commission (CFTC). This role is one of the key appointments following the appointment of Paul Atkins as SEC Chairman.
Once skeptical of Bitcoin, Trump has embraced cryptocurrency and proposed ideas such as a crypto advisory council and a strategic Bitcoin reserve.
Besides the pro-innovation Atkins, Trump also appointed 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 cryptography.
It is hoped that the new leadership can reverse the aggressive regulatory actions taken under Gary Gensler, the current chairman of the SEC.
Crypto.com withdraws its action against the SEC
In October, Crypto.com filed a lawsuit against the SEC following receipt of a Wells Notice, who indicates the SEC’s intent to pursue enforcement action against the company.
In a lawsuit filed on October 8, Crypto.com claimed that the SEC exceeded its legal authority by asserting jurisdiction over almost all crypto assets. The company argued that the SEC’s classification of most crypto transactions as securities was inconsistent and lacked proper legal basis. base, especially since it exempted Bitcoin and Ethereum from this classification.
Along with the lawsuit, Crypto.com also filed a petition with the SEC and the CFTC to clarify which agency should regulate specific cryptocurrency derivatives products.
However, a Crypto.com spokesperson told Bloomberg that on Monday the company had dismissed its lawsuit against the SEC
“We withdrew our action against the SEC because we intend to work with the new administration to develop a regulatory framework for the industry,” the spokesperson said.
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