Crypto.com has dropped its lawsuit against the United States Securities and Exchange Commission (SEC) after CEO Kris Marszalek met with President-elect Donald Trump at his home in Mar-a-Lago.
Marszalek is the latest in a long line of tech and digital asset industry CEOs to make the trip to Mar-a-Lago to meet Trump before his return to the White House.
Crypto.Com Drops Lawsuit Against SEC
Trump met with Kris Marszalek, Chief Executive Officer of Crypto.com at Mar-a-Lago, with the pair discussing appointments related to the crypto industry, including in the financial departments, Congress, and the incoming administration, according to a source familiar with the meeting. The pair also discussed the potential Bitcoin strategic reserve. The meeting coincided with Crypto.com’s decision to drop its lawsuit against the Securities and Exchange Commission in an attempt to align with the incoming administration. The exchange voluntarily dropped its case against the SEC and its commissioners with prejudice, according to a filing with the US District Court for the Eastern District of Texas.
Marszalek’s meeting with Trump comes after Coinbase’s Chief Executive Officer Brian Armstrong held a discussion with Trump. A Coinbase spokesperson said the platform looks forward to working with the new administration and developing clear regulations for the industry.
“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 filed a lawsuit against the SEC in October to counter a Wells notice received by the platform. A spokesperson for the platform stated the platform withdrew its lawsuit to work with the incoming administration.
“We withdrew our action against the SEC given our intent to work with the incoming administration on a regulatory framework for the industry.”
A Crypto-Friendly Administration
Trump has indicated he will strongly support the crypto industry and has appointed several pro-crypto individuals to key roles in the incoming administration. These include Cantor Fitzgerald LP’s Howard Lutnick as the Commerce Secretary and Paul Atkins as the United States Securities and Exchange Commission Chair. Trump also appointed venture capitalist David Sacks as an artificial intelligence and crypto czar.
Crypto.com is not the only platform that clashed with the SEC. Several others, including Kraken and Coinbase, have also clashed with the market regulator. A spokesperson for Coinbase stated,
“We’re gratified by the degree that the new incoming administration team has had an open door with Coinbase and the crypto community.”
Trump is also working on his own crypto project, World Liberty Financial. The project was unveiled in September and focuses on decentralized finance.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.