{"id":98670,"date":"2024-10-31T10:11:49","date_gmt":"2024-10-31T14:11:49","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=98670"},"modified":"2024-10-31T10:13:22","modified_gmt":"2024-10-31T14:13:22","slug":"cz-highlight-progress-in-crypto-regulation","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/cz-highlight-progress-in-crypto-regulation\/","title":{"rendered":"Binance Founder CZ Highlights Global Progress in Crypto Regulation"},"content":{"rendered":"\n

Changpeng Zhao<\/a> calls crypto rules and governmental push for cryptocurrencies a \u201cvery positive direction\u201d for the industry.<\/p>\n\n\n\n

\"Binance<\/figure>\n\n\n\n

Changpeng \u201cCZ\u201d Zhao, co-founder and former CEO of Binance, expressed optimism about the future of cryptocurrency regulation globally, particularly in light of the upcoming U.S. presidential election.<\/p>\n\n\n\n

In his first public address since his release from prison, Zhao shared his views during an Oct. 31 fireside chat at Binance Blockchain Week, saying:<\/p>\n\n\n\n

\n

\u201cOverall [cryptocurrency regulation] is actually moving in a very positive direction\u2026 By June, Donald Trump is pro-crypto. By the end of June, both parties are pro-crypto. I\u2019m still sitting in prison, like what the hell happened?\u201d<\/p>\n<\/blockquote>\n\n\n\n

Zhao suggested that the evolving perspectives on crypto signal growing public interest in digital assets, though he refrained from speculating on the election\u2019s outcome.<\/p>\n\n\n\n

\"\"
Binance founder, Changpeng Zhao speaks during a fireside chat at Binance Blockchain Week on Oct. 16. Source: Binance<\/em><\/figcaption><\/figure>\n\n\n\n

Released on Sept. 27 after serving four months in a U.S. federal prison for Anti-Money Laundering (AML) violations, Zhao\u2019s comments come just ahead of the Nov. 5 U.S. presidential election, marking the first time crypto has become a central issue in the campaign.<\/p>\n\n\n\n

US Political Push for Pro-Crypto Regulation<\/h2>\n\n\n\n

While Zhao is optimistic, others in the crypto space have raised concerns. Paxos CEO Charles Cascarilla, in an open letter to Donald Trump and Kamala Harris, encouraged the next U.S. president to support stablecoin regulation to bolster the dollar\u2019s global status and address inefficiencies in the current banking system.<\/p>\n\n\n\n

In his Oct. 29 open letter\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, Cascarilla argued that blockchain and stablecoins are \u201creplatforming the financial system\u201d to align with the digital age:<\/p>\n\n\n\n

\n

\u201cStablecoins or digital dollars\u2014U.S. dollars digitized via blockchain technology\u2014are the crucial upgrade for the payment system that will revolutionize money movement, allow greater participation in the global economy and ensure the supremacy of the U.S. dollar for years to come.\u201d<\/p>\n<\/blockquote>\n\n\n\n

He emphasized that stablecoins are necessary for modernizing the financial system, which he described as \u201cclosed, outdated and inefficient,\u201d calling for innovation-friendly crypto policies.<\/p>\n\n\n\n

Former President Donald Trump is perceived as more supportive of crypto and innovation, potentially favoring a less restrictive regulatory stance compared to his opponent, Vice President Kamala Harris.<\/p>\n\n\n\n

Is the US Lagging Behind in Crypto Regulation?<\/h2>\n\n\n\n

During the fireside chat, Zhao acknowledged that developing regulatory frameworks in large economies like the U.S. can be a slower process. <\/p>\n\n\n\n

Some investors, however, worry that the U.S. might be falling behind on crypto regulation, particularly with the European Union\u2019s Markets in Crypto-Assets Regulation (MiCA) set to take effect by the end of 2024, establishing the world\u2019s first comprehensive crypto framework.<\/p>\n\n\n\n

On a positive note, MiCA could encourage the creation of a global stablecoin regulatory framework, according to a Binance spokesperson:<\/p>\n\n\n\n

\n

\u201cBy setting clear rules on issuance, reserve management, and redemption, MiCA enhances market stability and consumer protection, while also fostering innovation through legal certainty.\u201d<\/p>\n<\/blockquote>\n\n\n\n

In preparation for Europe\u2019s regulatory shift, financial institutions like Societe Generale, the world\u2019s 19th largest bank, have teamed up with Bitpanda to launch a MiCA-compliant stablecoin, the euro-backed EUR CoinVertible (EURCV).<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Changpeng Zhao calls crypto rules and governmental push for cryptocurrencies a \u201cvery positive direction\u201d for the industry. Changpeng \u201cCZ\u201d Zhao, co-founder and former CEO of Binance, expressed optimism about the future of cryptocurrency regulation globally, particularly in light of the upcoming U.S. presidential election. In his first public address since his release from prison, Zhao […]<\/p>\n","protected":false},"author":56,"featured_media":98673,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[326,8508,1749,197,1502],"class_list":["post-98670","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-bitcoin-regulation-2","tag-changpeng-zhao","tag-defi","tag-regulation"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/10\/Binance-Founder-CZ-Highlights-Global-Progress-in-Crypto-Regulation.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/98670","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=98670"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/98670\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/98673"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=98670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=98670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=98670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}