Changpeng Zhao Commends Biden Administration For Digital Assets Report

Binance CEO Changpeng Zhao has been singing the praises of President Joe Biden since his administration released the digital assets report.

This is not to say that the report has not been condemned by some other players in the crypto industry. The Biden administration published the report to design a framework for the regulation of cryptocurrencies. 

Interestingly, the crypto players who criticized the work of the 46th United States president’s administration as regards crypto had some reservations about the framework.

In their argument, they mentioned that the framework lacks clear policy recommendations. Amongst these groups are Blockchain Association and Crypto Council. The Binance chief, CZ, as he is popularly called, he is not having it at all as He is in full support of the crypto policy framework.

He dropped a tweet to that effect saying, “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… the US’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.”

Zhao appreciated the fact that the Biden digital assets reports paid so much attention to consumer protection, fraud, and financial crime. He announced Binance’s open-mindedness in accepting to work with such crypto regulations. 

Biden Administration Seeks Regulation for Crypto

The Biden administration released the regulatory framework on Friday as part of a crucial step in the federal government’s efforts to lay out a comprehensive approach for American crypto policy and oversight. The report was in three-folds addressing cryptocurrencies. 

Notably, the content of the report was the U.S. Treasury Department’s calls to double down on crypto regulation, further funding backing to conduct more research on central bank digital currencies (CBDCs), and action plans against scammers and other digital assets bad actors.

The Joe Biden administration started mulling the idea of a cryptocurrency regulatory framework for a long time now.

Invariably, this led to the drafting of an executive order which was passed by top executives and regulators. As part of the content of the drafted executive order, their administration planned to invite federal departments and agencies to research relevant aspects of cryptocurrencies including CBDCs.