Biden's crypto regulatory framework is good news, says Binance CEO

The White House released the Framework for Cryptocurrencies on Friday, outlining how crypto regulations in the United States will be handled.

Last year, President Joe Biden called on the government to study cryptocurrency to ensure responsible development of digital assets.

Sections of the framework include "Protecting Consumers, Investors and Businesses", "Promoting Access to Safe and Affordable Financial Services", "Fostering Financial Stability", "Promoting Responsible Innovation", "Strengthening Our Global Financial Leadership and Competitiveness", "Combating Illicit Finance" and "Exploring a US Central Bank Digital Currency (CBDC)".

Crypto companies across the United States are eagerly awaiting clarification on the new crypto policy. However, there are many things that are still unclear to the community.

Binance CEO Chanpeng Zhao said he was pleased to see this final step by the Biden administration.

The White House Office of Science, Technology and Policy has released a report assessing the technical aspects of a digital dollar.

Zhao said Binance is working to comply with future regional regulations.

Zhao also said he welcomes the opportunity to work with regulators.

Similarly, the Commerce Department report addressed competitiveness.

Also read: Binance's effort to buy Voyager assets could be threatened by national security concerns: Report

The Department of Justice has announced that it will launch a "Digital Asset Coordinator Network" to investigate and prosecute crypto-related crimes.

Photo: Courtesy of binance.com

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