Binance CEO Changpeng Zhao praised the digital asset reports released by the Biden administration, despite criticism from others in the crypto industry.
“It is good to see the US moving towards a proposed crypto system,” Zhao pointed out on Twitter. “Getting this sector right will help protect consumers, markets and spur responsible innovation… A US-wide approach to crypto regulation will bring much-needed consistency and clarity compared to the current confusion of state laws and regulations that govern this space.”
The reports, published on Friday, were a crucial move by the US government to develop a framework for its cryptocurrency policy. They included calls for the Treasury Department to “strengthen” regulation, further support for central bank digital currency research (CBDC) and action plans against the use of digital assets by unscrupulous actors.
Zhao particularly praised the focus on consumer protection, fraud and financial crime, saying that Binance was taking the opportunity to work with regulators.
His comments came after cryptocurrency industry groups, including the Blockchain Association and Cryptocurrency Innovation Council, criticised the reports for lacking clear policy guidance.
But Zhao’s comments may well represent an attempt to gain support from regulators around the world. Last week, during Binance Blockchain Week in Paris, the CEO praised the European Union’s crypto-asset markets legislation (MiCA), saying it would become a “global regulatory standard”.
In Europe, the cryptocurrency exchange received licences in France, Italy and Spain, despite facing regulatory hurdles in countries such as the UK and the Netherlands.