Sun 18 Sep 2022 ▪ 18:00 ▪
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Cryptocurrency regulation is something that many institutions are currently focusing on. On Friday, the US government released a draft text on the legal framework for cryptocurrencies. A publication that made Changpeng Zhao, CEO of Binance, react on his personal Twitter account. The boss of the cryptocurrency exchange praised the new US policy on digital currencies. He expects there will now be more clarity on how cryptocurrencies will be regulated.
Binance welcomes the Biden administration’s draft cryptographic texts
Last Friday, Change Zhaothe CEO of the exchange Binance, expressed his delight on Twitter. This reaction followed the bill released by Joe Biden’s administration to regulate cryptocurrencies. Binance CEO is amazed at the significant turnaround in the US on crypto issues. She gave him impressions of him on his personal Twitter account: “It’s great to see the US move towards a proposed crypto framework (…) Doing it right will help protect consumers, markets and drive responsible innovation (…) The US approach to cryptocurrency regulation will bring coherence and clarity much needed in the current mosaic of state laws and regulations governing this space. “.
The text drafts initiated by the US government are of considerable importance for the implementation of the standards related to cryptocurrencies. According to the report, the Treasury will have to support research on central bank digital currencies (CBDC). It will also need to make regulatory efforts to limit cryptocurrency theft. It is the latter part that particularly delights the Binance boss. Indeed, the exchange also wages a fierce fight against fraud and financial crimes. He puts a point of honor on the security of consumer data and therefore hopes to convince regulators.
The US administration’s report is not unanimous
If Zhao Changeng was so complementary to the Biden government project, the same cannot be said for everyone. Major players in the cryptocurrency industry, such as the Blockchain Association And Crypto Innovation Council, for example, reservations expressed.
The two entities believe that the report remains inaccurate, does not contain sufficiently clear policy recommendations. In the margin of Binance Blockchain Week 2022the head of the exchange also praised the EU MICA regulation. The platform said this regulation was on track to serve as a “Global regulatory standard”.
Through his positions, Zhao Changeng definitely wants to get closer to global regulatory bodies. Recall that the platform is still struggling to obtain UK and Dutch licenses. It continues to settle for French, Italian and Spanish licenses.
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PhD student in financial law and expert SEO web editor, Cédrick Aimé is passionate about cryptocurrencies, trading, etc. Thanks to his articles he naturally participates in the daily blockchain revolution for a better democratization of DeFi.