Key Takeaways
Kris Marszalek from Crypto.com recently met with Donald Trump to discuss potential appointments in the crypto industry and matters related to Bitcoin reserves.
Trump’s administration has appointed several advocates for cryptocurrency to important financial positions.
According to a report from Bloomberg, citing a source familiar with the conversation, President-elect Donald Trump met with Kris Marszalek, the CEO of Crypto.com, at his Mar-a-Lago estate in Florida on Monday to discuss appointments in the crypto industry and Bitcoin reserves.
The meeting focused on potential appointments in financial departments, Congress, and the incoming administration, as stated in the report.
“We are excited to collaborate with the new administration to establish clear regulations for the crypto industry, allowing the US to become a global leader in digital assets and innovation,” stated a spokesperson from Crypto.com, as reported by Bloomberg.
This meeting is the latest in a series of meetings between Trump and prominent figures in the US crypto business. Last month, the President-elect had a phone call with Brian Armstrong, the CEO of Coinbase, during which they discussed broader crypto topics, as reported by Fortune.
The meeting comes at a time when Trump’s transition team is expected to announce the appointment of the chairperson for the Commodity Futures Trading Commission (CFTC). This appointment is among the key positions of focus following the nomination of Paul Atkins as SEC Chairman.
Despite being skeptical of Bitcoin in the past, Trump has now embraced cryptocurrency and proposed ideas such as a crypto advisory council and a strategic Bitcoin reserve.
In addition to Atkins, who is pro-innovation, Trump has appointed several advocates for cryptocurrency to key positions, including Howard Lutnick from Cantor Fitzgerald LP as commerce secretary and Scott Bessent as treasury secretary. Venture capitalist David Sacks has been appointed as an advisor on both artificial intelligence and crypto.
There is hope that the new leadership can reverse the aggressive regulatory actions taken under the current SEC Chair, Gary Gensler.
Crypto.com has recently taken legal action against the SEC after receiving a Wells Notice, which indicates the SEC’s intention to pursue enforcement actions against the company.
In a lawsuit filed on October 8, Crypto.com argues that the SEC has exceeded its legal authority by asserting jurisdiction over almost all crypto assets. The company contends that the SEC’s classification of most crypto transactions as securities is inconsistent and lacks a proper legal basis, especially since it exempts Bitcoin and Ethereum from this classification.
Alongside the lawsuit, Crypto.com has petitioned both the SEC and the CFTC to clarify which agency should regulate specific cryptocurrency derivative products.