Crypto.Com Drops SEC Lawsuit After Trump Meeting

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As a researcher with a background in both technology and finance, I find it intriguing to observe the dynamic between tech CEOs and political leaders, particularly in the context of the crypto industry. The recent meeting between Kris Marszalek of Crypto.com and President-elect Donald Trump at Mar-a-Lago seems to signal a growing recognition of the potential of digital assets by the incoming administration.

Crypto.com chose to withdraw their legal action against the U.S. Securities and Exchange Commission (SEC) following a meeting between the company’s CEO, Kris Marszalek, and President-elect Donald Trump at his residence, Mar-a-Lago.

Recently, Marszalek has joined a series of executives from the technology and digital assets sector who have visited Mar-a-Lago to discuss matters with Donald Trump prior to his anticipated return to the White House.

Crypto.Com Drops Lawsuit Against SEC 

Trump recently held a meeting at Mar-a-Lago with Kris Marszalek, CEO of Crypto.com, where they discussed potential appointments in various sectors like finance, Congress, and the new administration, regarding the crypto industry. They also touched upon the idea of a strategic Bitcoin reserve. This meeting took place as Crypto.com decided to withdraw its lawsuit against the Securities and Exchange Commission (SEC), aiming to maintain harmony with the incoming administration. The exchange chose to dismiss their case against the SEC and its commissioners permanently, as stated in a court filing with the US District Court for the Eastern District of Texas.

Following a conversation between President Trump and Coinbase’s CEO Brian Armstrong, Marszalek has now met with Trump as well. A representative from Coinbase stated that they are eager to collaborate with the newly-elected administration and establish transparent guidelines for the crypto industry.

Excited to collaborate with the incoming government to establish and progress comprehensive rules regarding the cryptocurrency sector, aiming to make the U.S. a trailblazer in the realm of digital assets and technological advancements.

In October, Crypto.com took legal action against the Securities and Exchange Commission (SEC) as a response to a Wells notice they had received. However, a representative from the platform later announced that they chose to drop their lawsuit in order to collaborate with the newly elected administration instead.

Since we aim to collaborate with the new administration on establishing an industry-wide regulatory structure, we have decided not to proceed with our actions against the SEC.

A Crypto-Friendly Administration

Trump has signaled his intention to actively back the cryptocurrency sector, with several pro-crypto figures being placed in significant positions within his upcoming administration. For instance, Howard Lutnick from Cantor Fitzgerald LP is set to become Commerce Secretary, while Paul Atkins will serve as Chair of the United States Securities and Exchange Commission. Additionally, venture capitalist David Sacks has been appointed as a specialist in artificial intelligence and cryptocurrencies.

It’s important to note that Crypto.com isn’t the only service to encounter issues with the Securities and Exchange Commission (SEC). Other platforms such as Kraken and Coinbase have also faced regulatory challenges from the SEC. As a representative for Coinbase clarified…

We’re pleased to see how welcoming the new administration has been towards Coinbase and the broader crypto community.

Trump is additionally developing a cryptocurrency venture called World Liberty Financial. This initiative was revealed in September and concentrates on the field of decentralized financial services.

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2024-12-18 20:08