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Binance CZ Favors Biden’s Regulatory Policy Unlike Other Industry Leaders

Binance CZ Favors Biden’s Regulatory Policy Unlike Other Industry Leaders

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In March, US President Joe Biden ordered federal agencies to analyze the crypto industry to design better regulations to protect users. Six months after Biden’s order, government officials released reports that included recommendations for the crypto regulatory framework needed to increase transparency and prevent illegal activity.

Cryptocurrency reports published on Thursday faced criticism from a few crypto companies for not being clear on some parts of the crypto ecosystem. Contrary to these claims, the CEO of the world’s leading blockchain crypto exchange, Changpeng Zhao, also known as CZ, hailed the first-ever government papers on crypto regulation and plans to work with lawmakers.

Related reading: White House Releases First Crypto Regulatory Framework, Here’s More!

CZ added in his tweets on Saturday;

A government-wide approach to crypto surveillance in the United States brings much-needed consistency and clarity to the state laws and regulations currently governing the space. The right regulations will drive technological innovation and preserve crypto’s core value proposition of freedom and empowerment, and ensure the right guardrails are in place for consumer protection and choice.

The reports come as the Biden administration has sought to create a transparent ecosystem in partnership with government agencies. It includes requests from the Ministry of Finance to step up its work to monitor potential risks and other issues related to cryptocurrency. The documents also emphasized the need for more extensive research About the CBDC’s programs and action plans for bad actors who move funds illegally.

After months of research and analysis of the blockchain system, regulators have prioritized a number of policy recommendations in the report. It covers US leadership in the global financial system, consumer and investor protection, combating illicit finance, promoting financial stability, economic competitiveness, financial inclusion and responsible innovation.

The price of BNB is currently above $278. | Source: BNUSD price chart from TradingView.com

CZ cooperates with global regulatory agencies

The government’s focus on rising crypto-crimes and proposed action plans against bad actors have drawn particular praise from CZ. Referring to recommended practices, the CEO expressed his intention to welcome and comply with the new regulation.

On the contrary, a couple of crypto industry leaders, including the Blockchain Association and Crypto Council Innovation, criticized the reports highlighting the new rules under consideration. For example, the association cited the report’s lack of “substantive recommendations,” and Exec. The director said the report focuses too much on risks.

Likewise, Crypto Council For Innovation CEO Sheila Warren said the recommendations are not as clear as they should be and are “outdated and unbalanced.”

Related Reading: Coinbase Tokens: Is Proof-of-Stake Ethereum Suddenly Collateral?

In particular, Zhao always favors and cooperates with the world’s legislators. For example, he too praise European Union Market for Crypto Assets (MiCA) rules at Binance Blockchain Week held in Paris last week. CZ added that it would become a “global regulatory standard”.

Cryptocurrency exchange Binance has so far acquired licenses in several European countries, including Italy, France and Spain, and there have been obstacles to licensing in the UK and the Netherlands.

Featured image from Pixabay and chart from TradingView.com



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