Unlike other industry leaders, Binance’s CEO CZ Supports Biden’s Regulatory Policy

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Last Updated on September 18, 2022 by Bitfinsider

U.S. President Joe Biden directed federal agencies to investigate the cryptocurrency market in March so that improved consumer protection legislation might be developed. The government agencies released studies outlining recommendations for the crypto regulatory framework required to promote transparency and deter illegal activity six months after Biden’s order.

A few crypto firms have criticized the cryptocurrency reports that were released on Thursday for lacking clarity in key areas of the ecosystem. Contrary to these assertions, Changpeng Zhao, better known as C.Z., the CEO of Binance, the largest blockchain cryptocurrency exchange in the world, hailed the first-ever government papers on crypto legislation and promised to cooperate with the lawmakers.

Source: Twitter

The reports follow the efforts made by the Biden administration to create a transparent ecosystem by working with state organizations. The Treasury Department has been urged to intensify its efforts to monitor potential dangers and other matters related to bitcoin. The documents also emphasized the necessity for in-depth analysis of the CBDC’s initiatives and strategies for dealing with rogue actors who move money unlawfully.

Regulators have given priority to a number of regulatory suggestions in the report after months of study and analysis of the blockchain technology. It discusses the role of the United States in the international financial system, consumer and investor protection, preventing money laundering, fostering financial stability, boosting economic competition, encouraging financial inclusion, and responsible innovation.

Binance Intends To Fully Work With International Regulatory Organizations

C.Z. has praised the government’s attention to the expanding financial crimes in crypto and offered action measures against bad actors in particular. The CEO stated that he would appreciate and abide by the new regulation and cited the suggested policies.

This is in contrast to the reports emphasizing the new laws that are being considered, which were condemned by a few prominent members of the cryptocurrency business, like the Blockchain Association and Crypto Council Innovation. For instance, the Association praised the report’s absence of “substantive recommendations,” and the Executive Director criticized it for its overemphasis on dangers.

Sheila Warren, the CEO of the Crypto Council For Innovation, agreed that the guidelines are “outdated and unbalanced” and that they are not as clear as they ought to be.

Zhao is notable for consistently supporting and working with legislators around the world. For instance, he commended the Market in Crypto Assets regulations of the European Union last week at the Binance Blockchain Week in Paris. It would develop into a “global regulatory standard,” C.Z. further stated.

The licensing processes for the cryptocurrency exchange Binance have so far been difficult in the UK and the Netherlands and successful in a number of European countries, including Spain, France, and Italy.

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