Trump Meets with Another Tech Leader, Crypto.Com CEO Kris Marszalek
President-elect Donald Trump met with Crypto.com CEO Kris Marszalek at his Mar-a-Lago estate on Monday to discuss cryptocurrency policies and key appointments.
According to recent post on X (formerly known as Twitter), Marszalek travelled to Florida to engage in talks about Trump's proposal to establish a national Bitcoin reserve and explore crypto-related appointments within his administration.
Honored to have a seat at the table. pic.twitter.com/KvK0XyEdYZ
— Kris | Crypto.com (@kris) December 17, 2024
Reports suggest their discussions included potential candidates for financial leadership roles in Congress and other key government positions, signalling the administration's increasing focus on the crypto industry.
A Crypto.com spokesperson 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.”
Crypto.com Dropped SEC Lawsuit Same Day as Trump's Meeting
On the same day as the meeting, Crypto.com dropped its lawsuit against the US Securities and Exchange Commission (SEC).
The legal battle began in October after the company received a Wells Notice, signalling the SEC's intent to pursue enforcement action.
In its 8 October filing, Crypto.com argued that the SEC had exceeded its authority by broadly classifying most crypto transactions as securities, while exempting Bitcoin and Ethereum.
The exchange contended this inconsistent approach lacked a solid legal foundation.
Additionally, Crypto.com filed a petition with the SEC and the Commodity Futures Trading Commission (CFTC) seeking clarity on jurisdiction over cryptocurrency derivatives.
In a 16 December filing in the US District Court for the Eastern District of Texas, Crypto.com voluntarily dismissed its lawsuit against the SEC and its commissioners with prejudice.
Marszalek had previously described the lawsuit as a necessary step to "protect the future of crypto.”
However, a company spokesperson confirmed on Monday that the legal action had been formally withdrawn:
“We have withdrawn our action against the SEC because we intend to collaborate with the incoming administration to develop a regulatory framework for the industry.”
🧑⚖️BREAKING: @CryptoCom (Foris DAX Inc.) Voluntarily Withdraws The Lawsuit Against SEC Based On Court Filling Documents pic.twitter.com/v0Y9tvTG1q
— Build On Cronos (@buildoncronos) December 17, 2024
Are More Appointments Imminent in Trump's Administration?
Since his victory in the US presidential election on 5 November, Trump has signalled strong support for the cryptocurrency industry through a series of key appointments and proposals.
Notably, the president-elect launched his own digital asset initiative, World Liberty Financial, prior to the election.
Beyond his recent discussions with Marszalek, Trump reportedly met with Coinbase CEO Brian Armstrong in November to explore personnel appointments.
Trump's administration has already begun shaping its pro-crypto strategy.
Former PayPal COO David Sacks has been named as the administration's "AI and Crypto Czar," while former SEC Commissioner Paul Atkins has been tapped to chair the SEC.
Additionally, key financial roles are being filled by individuals with crypto-friendly perspectives, including Howard Lutnick of Cantor Fitzgerald as Commerce Secretary and Scott Bessent as Treasury Secretary.
The transition team is also expected to announce its nominee for the CFTC chair, a critical position for crypto regulation.
NEW: 🇺🇸a16z crypto policy lead Brian Quintenz eyed as CFTC Chair under Trump administration pic.twitter.com/KDBXxoQ6ca
— Crypto India (@CryptooIndia) December 12, 2024
With Atkins' nomination to the SEC and Sacks advising on both AI and cryptocurrency, there is growing optimism that Trump's administration could reverse the aggressive regulatory stance established under current SEC Chair Gary Gensler.
These appointments reflect a broader commitment to fostering innovation and redefining the regulatory landscape for digital assets.
