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Julia Smith
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Julia Smith
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President-elect Donald Trump met with Crypto.com CEO Kris Marszalek this week at his Mar-a-Lago estate in Florida amid the rescindment of the blockchain firm’s litigation against the United States Securities and Exchange Commission (SEC).
In a December 16 X post by Marszalek, the crypto mogul can be seen standing next to the incoming president with the caption: “honored to have a seat at the table.”
According to reports, the pair discussed the development of a federal bitcoin stockpile as well as generating a crypto-friendly regulatory framework.
Shortly following the meeting, news broke that Crypto.com had officially dropped a lawsuit filed in October alleging regulatory overreach.
“Improper SEC enforcement actions are part of the process of operating a legitimate and licensed crypto business in the U.S.,” an October statement from the company announcing legal action against the federal regulator reads in part.
“While this is an unprecedented move for our company to file suit against a federal agency, actions by that agency towards our industry have left us no other choice,” Crypto.com continues.
The cryptocurrency exchange’s decision to repeal its lawsuit against the SEC could signal its growing optimism over Trump’s approach to regulating the blockchain sector as a whole ahead of his inauguration next month.
“We look forward to working with the new administration to develop and advance clear regulations for the crypto industry so the U.S. can become a global leader in digital assets and innovation,” a spokesperson for the Marszalek-led organization told Bloomberg.
The Future Of U.S. Crypto Regulation
Trump, who most recently launched his family’s crypto platform World Liberty Financial, has long pledged to enact crypto-friendly regulation in the U.S.
“We will have regulations,” Trump stated at the Bitcoin 2024 Conference this past summer, adding, “but from now on, the rules will be written by the people who love your industry, not hate your industry.”
In the leadup to the 2024 U.S. presidential election, the former reality television star vowed to fire current SEC Chair Gary Gensler for his regulation-by-enforcement approach to digital assets.
Gensler, who announced his resignation from the government agency last month, is slated to be replaced by former SEC Commissioner Paul Atkins after he was tapped by Trump to spearhead the regulator.
However, it remains to be seen just what crypto regulations will look like under Donald Trump.
