CZ’s tweet said: “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.”
Recall that in March, US President Joe Biden ordered federal agencies to look into the crypto industry to establish better regulations to protect users. Six months after this order, the government authorities have finally issued their reports.
The report covered consumer and investor protection, US leadership in the global financial system, promoting financial stability, financial inclusion, responsible innovation, and economic competitiveness.
It also contained recommendations for a crypto regulatory structure that promotes transparency and prevents fraudulent activities.
Following the report's release, some crypto companies expressed their dismay that the report lacked clarity and failed to address all sectors of the crypto ecosystem.
However, contrary to these criticisms, one of the notable figures in the crypto space has shown his support and praised the first-ever government papers on crypto regulation. The CEO of Binance, the world’s largest cryptocurrency exchange, Changpeng Zhao, has favored the crypto regulatory policy stating it is one of the first steps to curbing illicit acts in the industry.
In a tweet made by CZ, he stated,
“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.”
CZ also went on to highlight some of the ways in which the policy will help regulate and improve the industry.
He added,
“The correct regulations will drive technological innovation and preserve crypto’s fundamental value propositions of freedom and empowerment while ensuring the right guardrails are in place for consumer protection and choice. 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.”
With this, the Binance CEO showed he was more than willing to welcome and comply with the new crypto regulations in a bid to be in the good books of the government.
Last week, Zhao displayed a similar act when he applauded the European Union’s Market in Crypto Assets (MiCA) rules. He did this at the Binance Blockchain Week held in Paris, where he stated that it would become a “ global regulatory standard.”
It is worth noting that Binance has been able to secure licenses in various jurisdictions across Europe, including Italy, Spain, and France.
