A Surprising Withdrawal
Crypto.com has unexpectedly dropped its lawsuit against the U.S. Securities and Exchange Commission (SEC), a case that accused the agency of overstepping its authority by labeling certain digital assets as securities. Filed in October, the lawsuit aimed to clarify the SEC's jurisdiction in the crypto industry. The timing of the withdrawal coincides with a high-profile meeting between Crypto.com CEO Kris Marszalek and President-elect Donald Trump at Mar-a-Lago on December 16. Marszalek shared a photo with Trump, stating he was "honored to have a seat at the table."Pro-Crypto Shift in U.S. Leadership
During the meeting, discussions reportedly focused on the incoming administration’s crypto policies, including Trump's proposed national Bitcoin reserve. Trump’s administration has already signaled a crypto-friendly stance with appointments like Paul Atkins, a longtime advocate for balanced crypto regulations, as the new SEC Chairman. Trump's campaign pledge to create a national Bitcoin reserve has gained traction, with states like Ohio and Texas introducing Bitcoin reserve bills. Crypto.com expressed optimism about collaborating with the new administration to develop clear crypto regulations.Strategic Realignment
The lawsuit’s withdrawal reflects Crypto.com’s shift toward working alongside the administration rather than against regulators. This could signal a broader industry trend as crypto firms look to align with Trump’s pro-crypto policies to foster innovation and regulatory clarity. With figures like David Sacks, a Bitcoin supporter and venture capitalist, appointed as the "White House A.I. & Crypto Czar," the administration appears committed to supporting the crypto industry. Crypto.com’s move is a calculated effort to engage with policymakers and position itself favorably in an evolving regulatory landscape, which could redefine the U.S.’s approach to digital assets.
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