Binance CEO Changpeng Zhao gives a thumbs-up to a White House policy report that encourages crypto development while warning against risks and misuse.
The Sept. 16 policy report is the result of nine different studies on the crypto sector ordered by President Joe Biden in March. In a Twitter thread, Zhao has welcomed the White House policy report as a move in the right direction.
The policy outlined a tough stance on fighting crypto crime and mitigating risks, while still offering optimism for the innovation coming out of the sector. A Commerce Department report on advancing U.S. leadership in traditional finance to digital finance, does however express doubts and also calls for clear regulation with international engagement, echoing the thoughts of the Binance CEO.
Zhao welcomed the new policy framework’s focus on catalyzing innovation in financial services, saying crypto can have a great impact on financial inclusion for lower-income communities around the world. The report particularly stressed on the potential for crypto to facilitate innovation in cross border payments.
Binance has been consistent in its desire to work with regulators and Zhao said Binance has already increased its compliance team by 500%. As the world’s largest crypto exchange, Binance is determined to maintain friendly relations with regulators around the world. This is the second time Zhao has praised regulatory bodies recently, having commended French regulators during the Binance Blockchain Week event in Paris.
The White House report expressed concern over the potential for consumer risks and misuse in the sector. Federal agencies introduced a set of principal directions for regulation in the U.S. based on the nine reports provided to the White House. Zhao said Binance will embrace the opportunity to work with regulators on a global compliance policy.
With the policy calling for U.S. regulators to double down on crime enforcement and identify gaps in cryptocurrency regulation, we can expect some important regulations announcement for the sector in coming months — and hopefully, greater clarity.
Source : bsc.news
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