Binance’s CEO, Changpeng Zhao popularly Also known as CZ has pledged his support to President Donald Trump for the release of a Neue framework This will guide you in your use cryptocurrencies Despite the opposition of other stakeholders, they remain in the country.
In a Twitter threadZhang outlined the main reasons why President Biden’s new framework should be welcomed. According to him, ‘’In contrast to the existing patchwork of state rules and regulations that control this business, the US’s whole-of-government approach to crypto regulation will bring much-needed consistency and clarity’’.
He pointed out that the U.S. will be able to collaborate with other countries because they will be acknowledged as pioneers. However, citizens will still have their rights protected from fraudulent activities in the digital space.
Zhang stated that Binance has pledged its commitment to fight crime and money laundering by expanding its analytical capabilities and Anti Money Laundering (AML) detection. ‘’The need for ensuring that low and middle-class individuals are considered in the framework is also paramount,’’ says CZ.
Reactions to U.S. New Framework
Zhang’s support of the new framework comes after a Ranking Republican leader, Patrick McHenry issued a press release in opposition to President Biden’s new framework stating that Biden is focused on the potential risk of digital assets instead of addressing the potential growth of digital assets as a vital tool to the growth of the U.S economy.
McHenry also stated that Biden’s report has failed to address whether the proposed benefits of using a Central Bank Digital Currency (CBDC), the risk involved will be greater than their cost.
While some commenters from the Twitter thread think that Binance’s support of the U.S new framework is a good step because of the clarity it would bring to the digital space, others seem to think that Binance is just seeking favor and attention from the U.S government.