After receiving a Wells notice warning of potential enforcement action, Marszalek said in October that the exchange would file a suit against the SEC “to protect the future of crypto.” A Crypto.com spokesperson told Coin Telegraph that the firm withdrew the lawsuit “given [its] intent to work with the incoming administration on a regulatory framework for the industry.”
Related: Trump makes big promises about crypto in the US, but can he deliver them?
Since winning the US presidential election on Nov. 5, Trump has proposed appointments suggesting he intended to nominate individuals favoring the cryptocurrency industry. Before the election, the president-elect launched his digital asset project, World Liberty Financial.
In addition to Marszalek, Trump reportedly discussed personnel appointments with Coinbase CEO Brian Armstrong in November. Since that event, the president-elect has announced former PayPal chief operating officer David Sacks as his “AI and crypto czar” and former commissioner Paul Atkins as his pick for SEC chair.