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Binance CEO Hails White House Crypto Framework, Citing ‘Responsible Innovation’

2 mins
Updated by Ryan James
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In Brief

  • Binance Changpeng Zhao has praised the US government crypto framework.
  • Several stakeholders within the community have criticized the framework for being “outdated.”
  • The US government has released a new crypto framework designed to regulate the industry.
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Binance CEO Chanpeng Zhao has praised the digital assets report from the White House, saying it shows initiative on the part of the US government.

According to CZ, the right regulations will encourage technological innovation while promoting the fundamental values of cryptocurrencies and protecting consumers.

He tweeted:

“It’s great to see the US moving towards a proposed crypto framework. Getting it right will help protect consumers and markets and spark responsible innovation.”

His commendation comes amidst the general criticism from the crypto community about the report, which they described as “outdated and imbalanced.”

The Binance founder also described the US comprehensive approach to crypto regulations as a better way to ensure consistent and clear laws. This would be a good change from the current regulatory regime, where each state appears to be making its own rules.

“The framework brings specific provisions for international cooperation with other countries and active collaboration with global standard setters and the private sector – especially on the enforcement front.”

Binance targets more cooperation with regulators

CZ also mentioned that Binance looks forward to working with regulators to establish a global regulatory and compliance framework. 

He added that the exchange had increased its compliance team by 500%, launched law enforcement training worldwide, and is working to comply with all potential regional regulations.

However, Zhao’s commendation might be a way for Binance to be in the good books of global regulators. It is the second time in as many weeks that the CEO is praising regulators.

During the Binance Blockchain Week held last week in Paris, he said the European Union’s Markets in Crypto Assets (MiCA) legislation would become a standard for global regulators.

Crypto stakeholders criticize White House crypto framework

Meanwhile, the White House report on cryptocurrencies has faced criticism from stakeholders such as The Blockchain Association and Crypto Council for Innovation and lawmakers like Rep. Patrick McHenry.

According to the Blockchain Association executive director Kristin Smith, the report is a missed opportunity for the US to cement its role as a leading regulator as it mainly focuses on the risks of cryptocurrencies.

Others have also shared similar opinions as the Crypto Council for Innovation CEO Sheila Warren described the reports as outdated.

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.