Binance CEO CZ mentioned that the complex structure of the United States government, consisting of numerous departments, makes it challenging to pinpoint the exact reasons behind the lack of acceptance of cryptocurrencies.
Binance CEO Changpeng Zhao (CZ) discussed the potential reasons for the United States’ hesitancy in implementing a clear policy for the cryptocurrency market. He mentioned this in light of the lawsuit filed by the Commodity Futures Trading Commission (CFTC) against Binance and CZ. Interestingly, CZ pointed out that the banking crisis in the US reinforced the need for a decentralized financial network governed by blockchain, which aligns with the original purpose of creating Bitcoin.
In March 2023, the CFTC filed a lawsuit against Binance, a cryptocurrency exchange, accusing them of intentionally avoiding US laws. This legal action occurred alongside several other enforcement actions carried out by the US Securities and Exchange Commission (SEC) against various cryptocurrency businesses.
How The US Can Protect Dollar Dominance
During a recent “Ask Me Anything” session organized by Binance, the CEO expressed his views on the United States’ stance towards cryptocurrencies. He mentioned that the US is cautious about losing its global dominance in the form of the US Dollar. Since the US government consists of multiple departments involved in the financial sector, different individuals may hold varying perspectives on cryptocurrencies. Interestingly, he stated that embracing the web 3.0 space, which includes cryptocurrencies, could actually benefit the United States, contrary to concerns about losing relevance if crypto becomes regulated. Furthermore, CZ noted that major US banking institutions feel threatened by the emergence of the crypto market and the underlying technology.
In my personal opinion, I think the United States can safeguard the dominance of the US Dollar by embracing the crypto and blockchain industry. However, it’s important to note that people hold diverse perspectives on this matter. Additionally, some individuals in the banking sector feel uneasy about the new technology of blockchain as they perceive it as a potential threat.
This information is for general knowledge only and should not be considered as advice for investing or making financial decisions.