Binance CEO Changoeng Zhao praised Biden’s crypto regulatory framework, which may turn out to be beneficial for the entire crypto space.
The crypto industry is evolving every day, and many countries are developing a regulatory framework to expand the crypto space in the country legally. Recently, the Biden administration created a crypto policy framework which turned out to be a criticism in the crypto space. However, Binance’s CEO looks at this in a positive way for the entire cryptocurrency industry as he praised Biden’s digital assets report, which will benefit the crypto industry.
Biden’s Crypto Regulatory Framework Is A Good News
Yesterday, the Biden administration released its whitepaper on cryptocurrencies and described how the digital asset class should be controlled in the United States. Binance CEO Changpeng Zhao applauded this regulatory step from Biden despite some criticisms around the corner of the crypto world.
Zhao said in a Twitter thread, “It’s great to see the US moving towards a proposed crypto framework. Getting it right will help protect consumers, markets and spark responsible innovation… the US’s whole-of-government approach to crypto regulation will bring much-needed consistency and clarity vs the current patchwork of state laws and regulations that govern this space.”
In the past several months, the Biden administration had issued a few executive orders on digital assets but finally released a potential framework on Friday to regulate crypto in the country. The reports released by the White House are considered a crucial step to fulfilling the US government’s efforts to establish a framework for cryptocurrency in the country.
More Focus On Consumer Protection, Fraud, and Crime
The regulatory policy from the White House included calls from the Treasury Department to double down on regulation, further research, and support for central bank digital currencies (CBDC) and plans to take action against the fraudsters of the industry.
Zhao mainly praised Biden’s report for focusing on consumer protection and plans to take down criminal activity. Binance intends to expand this regulatory framework as Zhao is looking forward to working with Biden’s new regulatory policy. Zhao’s comments came to light after cryptocurrency industry groups, including the Blockchain Association and the Crypto Council for Innovation, slammed the report for providing unclear recommendations.
Meanwhile, the SEC and CFTC continue to battle to get the more important place in the pie share. The latest report will determine different crypto’s integration with the current ecosystem, including accelerating borderless transactions.
Zhao’s comments may represent Binance’s strategies to expand around the globe by supporting the regulatory framework. During Binance Blockchain Week in Paris, the CEO appreciated the European Union’s Markets in Crypto Assets (MiCA) framework, saying that it would become a global regulatory standard soon. In Europe, the cryptocurrency exchange has garnered licenses from governments in France, Italy, and Spain despite the regulatory troubles in countries like the UK and Netherlands. It is reasonable to anticipate that Binance is in the process of formulating a strategic plan with the government while adhering to the regulatory policy in order to further expand its dominance in the market.
