Binance CEO praises Biden digital asset reports amid industry criticism

Binance CEO Changpeng Zhao commended the digital asset reports released by the Biden administration despite a lackluster reception from some corners of the crypto industry.

“It’s great to see the US moving towards a proposed crypto framework,” said Zhao in a Twitter thread. “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. “

Released on Friday, the reports were a crucial step in the US government’s efforts to lay out a framework for its policy toward cryptocurrencies. It included calls from the Treasury Department to “double down” on regulation, further support for research on central bank digital currencies (CBDC) and plans of action against digital asset usage by bad actors.

Zhao, in particular, was particularly complimentary of the focus on consumer protection, fraud and financial crime, saying that Binance embraces the opportunity to work with regulators.

His comments come as cryptocurrency industry groups including the Blockchain Association and the Crypto Council for Innovation criticized the reports for a lack of clear policy recommendations.

Still, Zhao’s comments may represent his latest attempt to curry favor with regulatory officials around the globe. Last week, during Binance Blockchain Week in Paris, the CEO praised European Union’s Markets in Crypto Assets (MiCA) legislation, saying that it will become “a global regulatory standard”.

In Europe, the cryptocurrency exchange has so far garnered licenses in France, Italy and Spain despite facing regulatory hurdles in countries such as the UK and the Netherlands.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Tom is fintech reporter at The Block. Before joining the team, he was an editorial intern at the FT-backed platform Sifted where he reported on neobanks, payment firms and blockchain startups. Tom has a bachelors degree in International Relations and Japanese from SOAS, University of London.

Source: https://www.theblock.co/post/170871/binance-ceo-praises-biden-digital-asset-reports-amid-industry-criticism?utm_source=rss&utm_medium=rss