Key Takeaways
Kris Marszalek, the CEO of Crypto.com, met with Donald Trump to discuss potential appointments related to the crypto industry and Bitcoin reserves. Trump’s administration has appointed several advocates for cryptocurrencies 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 at his Mar-a-Lago estate in Florida on Monday. The purpose of the meeting was to discuss appointments in the financial departments, Congress, and the incoming administration.
“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,” said a spokesperson from Crypto.com in a statement to Bloomberg.
This meeting is the latest in a series of meetings between Trump and prominent figures from the US crypto industry. Last month, Trump had a phone call with Brian Armstrong, the CEO of Coinbase, during which they discussed broader crypto topics.
The meeting is taking place at a time when Trump’s transition team is expected to announce the appointment of the chair position for the Commodity Futures Trading Commission (CFTC). This appointment is one of the key positions being focused on following the nomination of Paul Atkins as SEC Chairman.
Despite previously being skeptical about Bitcoin, Trump has now embraced cryptocurrency and proposed the establishment of a crypto advisory council and a strategic Bitcoin reserve. In addition to Atkins, Trump has appointed several advocates for cryptocurrencies to important positions, including Howard Lutnick from Cantor Fitzgerald LP as commerce secretary and Scott Bessent as Treasury secretary. David Sacks, a venture capitalist, has also been appointed to advise on both artificial intelligence and crypto.
There is hope that the new leadership will reverse the aggressive regulatory actions taken by the current SEC Chair, Gary Gensler.
Crypto.com has recently taken legal action against the SEC after receiving a Wells Notice, indicating 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 claims that the SEC’s classification of most crypto transactions as securities is inconsistent and lacks a proper legal basis, especially as 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.
