Trump meets with CEO of Crypto.com to discuss Bitcoin reserve and crypto positions

Key Takeaways

Crypto.com's Kris Marszalek met with Donald Trump to discuss potential crypto roles and Bitcoin reservations.
The Trump administration has appointed several crypto advocates to key financial positions.

President-elect Donald Trump met with Crypto.com CEO Kris Marszalek at his Mar-a-Lago estate in Florida on Monday to discuss positions related to the crypto industry and Bitcoin reserves, according to a new report. . report from Bloomberg, citing a source familiar with the conversation.

The meeting dealt with possible positions in the finance 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 that the US can be a global leader in digital assets and innovation,” said a spokesperson from Crypto.com told Bloomberg.

This was Trump's latest meeting with key people from crypto industries in the US. Last month, the President-elect had a meeting 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 as chairman of the Commodity Futures Trading Commission (CFTC). The role is among the main focused roles after the named Paul Atkins as Chairman of the SEC.

Once skeptical of Bitcoin, Trump has embraced digital currency and proposed ideas such as a crypto advisory council and a Bitcoin strategic reserve.

In addition to 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 Bessant as secretary of the Treasury. A venture capitalist David Sacks named to advise on both artificial intelligence and crypto.

There is hope that new leadership could reverse the aggressive regulatory actions taken under current SEC Chairman Gary Gensler.

Crypto.com withdraws action against SEC

In October, Crypto.com took legal action against the SEC after receiving sources Notice, what indicating the SEC's intention to pursue enforcement actions against the company.

In a law which was filed on October 8, Crypto.com said that the SEC had 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 that there was no applicable law. base, especially since it exempted Bitcoin and Ethereum from this classification.

Along with the lawsuit, Crypto.com filed a petition with both the SEC and the CFTC to clarify which agency should regulate specific cryptocurrency derivative products.

However, a spokesperson for Crypto.com told Bloomberg that the company on Monday there were dismissed his lawsuit against the SEC

“We have withdrawn our action against the SEC because we intend to cooperate with the incoming administration to develop a regulatory framework for the industry,” the spokesperson said. .