CZ: US Will Flip to Crypto-Friendly Stance Despite Regulatory Uncertainty

• U.S. crypto regulations have become increasingly hostile in 2023.
• Binance’s Changpeng “CZ” Zhao remains optimistic that the situation will change and the US may eventually take a more crypto-friendly stance
• Binance is facing enforcement action from the U.S Commodities Futures Trading Commission for allegedly operating an unregistered derivatives trading platform in the US

Increasing Hostility Towards Crypto Regulations

The U.S. crypto regulatory scene has grown increasingly hostile since the collapse of FTX in November 2022. This has led to speculation of a coordinated effort to cut off the industry from much-needed liquidity, with talk of a U.S. crypto exodus becoming common currency among industry participants.

Binance’s CZ Remains Optimistic

Binance’s Changpeng “CZ” Zhao nonetheless remains optimistic that the situation will change, as he revealed during an Ask Me Anything session on Wednesday, May 17th, 2021. He highlighted that just like Web2 significantly influenced global dominance for the U.S., Web3 could do the same and expressed his belief that at some point, „the US is going to breed leaders of Web3“.

Binance Faces Enforcement Action

At the same time as expressing this optimism, Binance and Zhao have found themselves on the receiving end of enforcement action from the U.S Commodities Futures Trading Commission for allegedly operating an unregistered derivatives trading platform in the country.

U.S Necessary For Mass Adoption

Experts argue that mass adoption of cryptocurrency requires a friendly regulatory environment in the United States due to its large financial markets.

Binance Exploring Compliance Options In UK

To reduce their exposure to such risk, Binance are reportedly exploring avenues to reduce their stake in BInance US while actively seeking compliance options in The United Kingdom