Binance CEO Hails Crypto Framework at White House, Citing ‘Responsible Innovation’
Binance CEO Chanpeng Zhao has praised the White House digital assets report, 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 toward a proposed crypto framework. Getting it right will help protect consumers and markets and spark responsible innovation.”
His praise comes amid general criticism from the crypto community about the report, which they described as “outdated and unbalanced.”
The Binance founder also described the US’ comprehensive approach to crypto regulations as a better way to ensure consistent and clear laws. This will be a good change from the current regulatory regime, where each state seems to create its own rules.
“The framework provides specific provisions for international cooperation with other countries and active cooperation with global standard setters and the private sector – especially on the enforcement front.”
Binance is targeting 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 recommendation could be a way for Binance to stay in the good books of global regulators. It is the second time in as many weeks that the CEO has praised regulators.
During the Binance Blockchain Week held last week in Paris, he said that the EU’s Markets for 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 the Crypto Council for Innovation and lawmakers such as Representative Patrick McHenry.
According to Blockchain Association CEO Kristin Smith, the report is a missed opportunity for the US to cement its role as a leading regulator, as it focuses mainly on the risks of cryptocurrencies.
Others have also shared similar opinions as Crypto Council for Innovation CEO Sheila Warren described the reports as outdated.
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