Key Takeaways:
- Crypto.com launches a U.S.-based custody trust company to serve institutional clients.
- U.S. and Canadian users will see their assets transitioned to the new custody service.
- CEO Kris Marszalek met with Donald Trump to discuss crypto policies and withdrew a lawsuit against the SEC.
Crypto.com has unveiled its U.S.-based custody trust company, marking a strategic move to strengthen its foothold in North America. With all necessary regulatory approvals obtained, the new unit, Crypto.com Custody Trust Company, will offer its full suite of services to institutional clients and high-net-worth individuals throughout the United States and Canada.
Over the next several weeks, all digital assets for U.S. and Canadian customers will be migrated onto this platform. During that migration, users will continue to have uninterrupted access to their accounts and funds.
Kris Marszalek, CEO and co-founder of Crypto.com emphasized that this launch aligns with their broader vision of deepening roots in two of the most active crypto markets globally. Kris Marszalek said:
Launching a U.S. trust company is our latest significant step in our product roadmap to building our business and presence in two of the most important and active crypto markets in the world – the U.S. and Canada. This step reflects our confidence in the North America market, and we look forward to continuing to enhance and innovate the market for our customers in the market.
Trump and Marszalek Discuss Crypto Policies
In political crossover, Marszalek recently met with President-elect Donald Trump at Mar-a-Lago to discuss cryptocurrency policy and regulatory clarity. Their supposed discussion included Trump’s purported pitch for a national Bitcoin reserve and possible administrative appointments relevant to the crypto sector.
The meeting comes at a time when Crypto.com withdrew its lawsuit that was filed against the U.S SEC. The securities lawsuit against Crypto.com issued a Wells notice, resulting in an enforcement action. However, they opted for dialogue instead of litigation. This means Crypto.com will collaborate with the latest administration to develop a judiciously balanced regulatory system.
Strategic Shift Towards Regulatory Cooperation
The withdrawal of the lawsuit against the SEC is a pivotal moment in Crypto.com’s regulatory approach. Initially, Marszalek had vowed to challenge the SEC in court to protect the broader crypto ecosystem. However, the decision to step back seems to reflect a pragmatic strategy toward regulatory cooperation under new leadership in Washington.
As Crypto.com gets ready to turn into the U.S. custodian, such proactive approach in navigating this regulatory landscape positions it most excellently in the lead to shape the future of institutional crypto adoption. With an expected crypto-friendly administration to take over from Trump’s administration, the stage can be set for growth and innovation to unfold within the North American crypto market.
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