Despite Criticism, Binance’s CEO Praises Government’s Cryptocurrency Reports

Changpeng Zhao, the CEO of Binance – praised the reports on digital activities released by Joe Biden’s administration despite a less than enthusiastic response from some segments of the cryptocurrency industry.

The reports, which were released on Friday (16), were a critical step in the American government’s efforts to create a framework for its cryptocurrency policy.

The reports include requests from the Treasury Department to “double” the regulation – increased support for research on digital money issued by central banks (referred to as “CBDC”), and investing in research in order to fight back against digital assets bad actors.

A few crypto firms have criticized the cryptocurrency reports that were released on Thursday – claiming a lack of clarity in key areas of the ecosystem.

Contrary to these assertions – Changpeng Zhao praised the first-ever government documents on crypto legislation and vowed to engage with lawmakers.

“The U.S.’s whole-of-government approach to crypto regulation will bring much-needed consistency and clarity vs the current patchwork of state laws and regulations that govern this space,” CZ wrote in a Tweet. “The correct regulations will drive technological innovation and preserve crypto’s fundamental value propositions of freedom and empowerment while ensuring the right guardrails are in place for consumer protection and choice.”

Biden’s Report

The reports follow the efforts made by the Biden administration to create a transparent environment by working with state organizations.

The Treasury Department has been urged to intensify its efforts to monitor possible dangers and other matters related to bitcoin and other cryptocurrencies.

The documents also emphasized the necessity for an in-depth analysis of the CBDC’s initiatives and strategies for dealing with rogue actors who move money unlawfully.

Regulators have given priority to a number of regulatory suggestions in the report after months of study and analysis of blockchain technology.

It discusses the role of the United States in the international financial system, consumer and investor protection, preventing money laundering, fostering financial stability, boosting economic competition, encouraging financial inclusion, and responsible innovation.

CZ Usually Cooperate With Government Regulations

Zhao is known for consistently supporting and working with lawmakers throughout the world.

For instance – earlier this week, the Binance CEO celebrated the Market in Crypto Assets (MiCA) regulations of the European Union at the Binance Blockchain Week in Paris.

According to C.Z., the European regulations are likely going to be the inspiration for other regulations all around the world.

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