Biden's Crypto Regulatory Framework Is Good News, Says Binance CEO

The White House on Friday published the framework for cryptocurrencies, outlining how crypto regulations in the U.S. will be handled.

Last year, President Joe Biden directed the government to study cryptocurrency to ensure responsible digital asset development. 

Sections of the framework include "Protecting Consumers, Investors, and Businesses," "Promoting Access to Safe, Affordable Financial Services," "Fostering Financial Stability," "Advancing Responsible Innovation," "Reinforcing Our Global Financial Leadership and Competitiveness," "Fighting Illicit Finance," and "Exploring a U.S. Central Bank Digital Currency (CBDC)."

Crypto firms across the U.S. eagerly await clarity about the new crypto policy. However, there are a lot of things that are still unclear to the community. 

Binance CEO Chanpeng Zhao said he was glad to see this latest step by the Biden administration. 

It’s great to see the US moving towards a proposed crypto framework. Getting it right will help protect consumers, markets and spark responsible innovation. (1/9)

— CZ 🔶 Binance (@cz_binance) September 16, 2022

The White House Office of Science Technology and Policy has published a report assessing the technical aspects of a digital dollar.

Zhao has said that Binance is working to comply with future regional regulations.

Binance is working to comply with future regional regs, such as MICA in the EU, and looks forward to consistent regulations globally to ensure the industry can continue to thrive and support regulators to meet their objectives. (5/9)

— CZ 🔶 Binance (@cz_binance) September 16, 2022

Zhao also said that he welcomes the opportunity to work with regulators.

We embrace the opportunity to work with regulators and the industry as they seek to establish a global regulatory and compliance framework suitable for the industry. (9/9)

— CZ 🔶 Binance (@cz_binance) September 16, 2022

Similarly, the Commerce Department's report has addressed competitiveness. 

Also Read: Binance's Effort To Buy Voyager Assets Could Be In Jeopardy By National Security Concerns: Report

The Justice Department said it would launch a "Digital Asset Coordinator Network" to investigate and prosecute crypto-related crimes. 

Photo: Courtesy of binance.com