Bitcoin News

Despite industry criticism, Binance CEO welcomes Biden’s findings on digital assets

Even while the reports on digital assets produced by the Biden administration received a muted response from some parts of the cryptocurrency industry, Binance CEO Changpeng Zhao praised them.

Zhao commented on a Twitter thread,

The studies’ publication on Friday was an important milestone in the US government’s efforts to develop a framework for its approach to cryptocurrencies. It included requests from the Treasury Department to “double down” on regulation, additional funding for research on central bank digital currency (CBDC), and strategies for stopping bad actors from using digital assets.

Zhao in particular praised the emphasis on fraud, financial crime, and consumer protection, noting that Binance welcomes the chance to collaborate with regulators.

His remarks follow criticism of the findings from organizations representing the cryptocurrency industry, such as the Blockchain Association and the Crypto Council for Innovation, for failing to provide specific policy suggestions.

However, Zhao’s remarks might be his most recent effort to win over regulatory authorities all over the world. The CEO of Binance last week said that the European Union’s Markets in Crypto Assets (MiCA) regulation will become “a global regulatory norm” during Binance Blockchain Week in Paris.

Although the cryptocurrency exchange has faced legal obstacles in nations like the UK and the Netherlands, it has so far obtained licenses in France, Italy, and Spain in Europe.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.