The CEO of Crypto Exchange Binance said he hopes that the US President’s “procryption” law in the United States will promote regulators in other parts of the world.
“We have moved from an era where there is great regulatory uncertainty and, in many ways, regulatory hostility towards the industry, to an era in which the world’s biggest economy said they want to embrace crypto,” Binance CEO Richard Teng told CNBC’s Arjun Kharpal on Thursday at Singapore’s Lembarge Live.
Under the control of former US President Joe Biden, regulators crack down on the industry to protect Americans from fraud and money laundering.
“If you ask someone in the crypto industry (if you do), people prefer the current administration compared to the last administration,” Ten said.
Chao Deng, CEO of Crypto Fund Manager Hashkey Capital, spoke with Teng at the Converge Event. Under Trump, “Momentum is being built.
Cryptocurrency
The comment comes after Trump pushed for an executive order to establish strategic reserves for US cryptocurrency using digital assets seized in criminal and civil forfeiture cases.
In a post on Truth Social, Trump said in addition to Bitcoin, the strategic reserves include Ether, XRP, Solana’s Sol Token and Cardano’s Ada Coin.
Binance described US crypto sanctuaries as a “landmark” issue. “The message is the biggest government… the world’s largest capital markets now hold Bitcoin as part of the protected area (it’s) sitting down saying that many other governments have thought through the issue and start to allocate to crypto and Bitcoin?”
Bitcoin prices have fallen since Trump announced strategic crypto preparations as details of the plan failed to meet expectations. Investor enthusiasm for assets that are perceived as risky has become more broadly softened due to concerns about the impact of Trump’s tariff plans.
Teng, like other asset classes, downplayed his recent pullback at Crypto Markets as a “tactical retreat” as it wasn’t “immunity” to the macroeconomic situation. Nonetheless, he said his embrace of Washington’s digital assets and Trump’s nomination for some crypto-friendly lawmakers would provide a “strong” long-term driver.
Since his victory in November, Trump has focused on appointing government leaders to support the cryptocurrency sector. Venture capitalist David Sachs, whom Trump tapped as his cipher and artificial intelligence emperor, joined Trump in an oval office to sign the order.
End of “Operation Chalk Point 2.0”
According to Teng, the last administration had a “Choke Point 2.0 operation” going on. This was an effort during President Biden to pressure regulators to cut ties with banks. CNBC was unable to verify these claims.
Teng also said the industry is facing “enforcement regulations,” which has made it extremely difficult to grow.
Hashkey Capital’s Deng agreed that the return of banking services for US crypto companies was one of the most important changes that come from elections.
“They encourage and allow banks to get involved in crypto, which is a huge step for the crypto and Web3 industry,” he said, adding that banks feel more comfortable with crypto-related clients.
