The CEO of Binance, Chanpeng Zhao has applauded the White House’s report on digital assets, stating that it demonstrates US government ambition.
According to CZ, the proper laws will promote technical innovation, support the essential principles of cryptocurrencies, and safeguard consumers.
He posted on Twitter: “It’s encouraging to see the United States move toward a suggested crypto framework. Getting it correctly will aid in consumer and market protection and stimulate responsible innovation.”
In the midst of widespread criticism from the crypto community on the study, which they termed “outdated and unbalanced.”
The founder of Binance also praised the United States’ entire approach to crypto rules as a more effective means of ensuring uniform and transparent laws. This would be an improvement over the existing regulatory structure, in which each state seems to make its own regulations.
“The framework includes explicit provisions for international cooperation with other nations and aggressive coordination with global standard-setters and the business sector – particularly on the front of enforcement.”
CZ said that Binance is eager to collaborate with authorities to develop a worldwide regulatory and compliance framework.
He noted that the exchange has boosted its compliance staff by 500%, initiated international law enforcement training, and is trying to comply with all conceivable regional legislation.
However, Zhao’s praise may be a means for Binance to gain support from global authorities. In the meanwhile, critics of the White House study on cryptocurrencies include The Blockchain Association, Crypto Council for Innovation, and Representative Patrick McHenry.