The Biden administration released its first ever paper on cryptocurrencies and how the asset class should be regulated domestically on Friday.
While some believe the guidelines need more clarity, the Binance CEO argued that the framework is a huge recognition of itself, and his company aims to work with global regulators.
- After issuing some executive orders on digital assets in recent months, the Biden administration took matters to a higher level on Friday when it released a potential framework for how the asset class would be regulated.
- While the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) will continue to battle to decide which of the two agencies will get the largest share of the pie, the latest report touched on the integration of cryptocurrency with the existing financial system, including facilitating borderless transactions.
- The document also referred to cryptocurrencies as well as urging government agencies to find ways to curb criminal activities involving cryptocurrencies.
- The newspaper was met with conflicting opinions from the crypto community, with the latest to speak was Binance CEO – Chanpeng Zhao.
- He believes that the actions of the world’s most powerful economy bode well for the cryptocurrency industry, as “doing the right thing” will help “protect consumers and markets and spark responsible innovation.”
- Czechoslovakia also indicated that his company, which has faced a backlash from several regulators in recent years, will work with the United States as well as other global regulators to improve industry awareness and adoption.
We are taking the opportunity to work with regulators and industry in their quest to establish an industry-appropriate global regulatory and compliance framework. (9/9)
– Czechoslovakia Binance (@cz_binance) September 16, 2022
The CEO of Binance has emerged after believing that Biden’s crypto regulatory framework is good news for the first time on CryptoPotato.