SEC Lawsuit Being Dropped After Kris Marszalek Meets Donald Trump

A meeting between Crypto.com CEO Kris Marszalek and President-elect Donald Trump took place recently on December 16th, 2024. The meeting centered on discussions about policies influencing the crypto industry, with several ideas such as the implementation of a national Bitcoin (BTC) reserve being on the agenda. 

Collaboration Is Key

The meeting also aligned with Crypto.com deciding to withdraw its lawsuit against the U.S. Securities and Exchange Commission (SEC). The exchange formally dropped its legal challenge on the same day, filing to dismiss the case with prejudice in the U.S. District Court for the Eastern District of Texas.

Previously, Marszalek had announced plans to pursue legal action after receiving a Wells notice by the SEC in October. However, a spokesperson for Crypto.com explained that the withdrawal of the lawsuit reflects a renewed intention to collaborate with the new Trump administration on setting up a viable regulatory framework for the crypto industry.

The Times Are Changing

Since his election victory on November 5th, Trump has made many changes including appointing pro-crypto figures such as former PayPal COO David Sacks and former SEC commissioner Paul Atkins, whom Trump personally selected as his pick to replace Gary Gensler as the new U.S. SEC Chair.

Elsewhere, Ohio recently introduced a Bitcoin reserve bill, following similar initiatives in Texas and Pennsylvania. Meanwhile, SEC Commissioner Caroline Crenshaw is currently dealing with various controversies linked to her views on crypto regulation and other political shifts.