The Binance CEO said the tide was turning on the regulation of cryptocurrencies, whose discussions have gone positive. Zhao believes that France has an open-minded government that could help develop laws that favor cryptocurrencies.
The bosses of various leading crypto firms, like Changpeng Zhao, think that governments have a more positive approach toward cryptocurrencies. However, they say that they do not lose hope and are optimistic about the future of digital assets.
Zhao, the CEO of Binance, told the CNBC television channel that the tide was turning on cryptocurrencies. He believes that the regulatory discussions about crypto assets have changed from negative to positive.
Other renowned personalities in the crypto industry share the viewpoints of Changpeng Zhao. Nicolas Cary, the co-founder of Blockchain.com, stated that the regulatory landscape is accelerating quickly worldwide.
The US and the UK Announce Changes in Cryptocurrency Regulation
The United States and the United Kingdom have announced measures to bring a regulatory oversight to the emerging crypto market. Both countries seek to become leaders in innovation with blockchain technology and investment in cryptocurrencies.
In that same vein, the UK government plans to recognize stablecoins as a valid method for payment. Likewise, the Finance Minister of that European country, Rishi Sunak, requested the Royal Mint to create a non-fungible token (NFT).
Nicolas Cary commented that the United Kingdom could be a dark horse in this whole situation. After withdrawing from the European Union (Brexit), they have to make a political and strategic decision.
Zhao Considers that France is Progressive about Cryptocurrencies
Changpeng Zhao said that France is a very progressive country concerning crypto assets. He believes that it has an open-minded government that could help develop regulations that favor cryptocurrencies.
Likewise, the CEO of Binance sees France as another country in a positive context. In other words, he considers it very open and welcoming toward cryptocurrencies and much more advanced in their understanding.
Arthur Breitman, the co-Founder of Tezos (XTZ), commented on the dark side of the cryptocurrency industry. He said regulators are taking money laundering and other illegal transactions seriously. He does not think they have a warm and fuzzy feeling about it but will have a conservative bias.
However, the crypto world still has a long way before reaching mainstream acceptance. Furthermore, the future of the cryptocurrency industry will largely depend on the approaches that different global regulators take.
Ripple Thinks the US Is Falling Behind in Legal Matters
Brad Garlinghouse, the CEO of Ripple, considers that not all regulators agree with the rapid growth of cryptocurrencies. For example, the US Securities and Exchange Commission (SEC) has taken Ripple, Garlinghouse, and co-founder Chris Larsen to court.
The SEC alleges that Ripple illegally sold over USD 1 billion worth of the XRP cryptocurrency. The government agency thinks that XRP should fall into the security category, which Ripple disputes.
For that reason, Garlington has told entrepreneurs thinking about building a crypto or blockchain company not to do it in the United States. He considers the lack of clarity might put them at risk for the same kind of lawsuit the SEC brought against Ripple.
By Alexander Salazar
