The Biden administration issued its first-ever paper on cryptocurrencies and how the asset class should be regulated within the nation on Friday.
While some believe the guidelines require more clarity, Binance’s CEO asserted that the framework is a significant recognition of itself, and his company aims to work with global watchdogs.
After issuing a few executive orders on digital assets in the past several months, the Biden administration took it up a notch on Friday when it released a potential framework on how to regulate the asset class.
While the SEC and CFTC will continue battling to determine which of the two agencies will get the bigger pie share, the latest report touched upon crypto’s integration with the current financial system, including facilitating borderless transactions.
The document also mentioned CBDCs as well as urged government agencies to find ways to reduce criminal activities involving cryptocurrencies.
The paper was met with contrasting opinions by the crypto community, and the latest to speak out was Binance’s CEO – Chanpeng Zhao.
He believes the actions of the world’s most powerful economy are a good sign for the crypto industry as “getting it right” will help “protect consumers, markets and sparkle responsible innovation.”
Finally, the focus on catalyzing payments innovation is part and parcel to the evolution of the financial services industry at large, and brings into focus the kind of impact it can have on financial inclusion especially for low and moderate income (LMI) communities. (8/9)
— CZ 🔶 Binance (@cz_binance) September 16, 2022
CZ also noted that his company, which faced massive backlash from several watchdogs in the past few years, will work with the US as well as other global regulators to improve the industry’s perception and adoption