While Changpeng Zhao applauded the proposed crypto regulatory framework, several stakeholders have criticized it for being outdated. Last week, he praised the EU legislation on Markets in Crypto Assets (MiCA) by saying it would become a standard worldwide.

Changpeng Zhao, the CEO of Binance, applauded the crypto regulatory framework proposed by the White House, calling it a government initiative.

Zhao thinks adequate regulations will promote the core values ​​of cryptocurrencies and protect users while fostering technological innovation.

He recently stated on Twitter that he was happy to see the United States moving toward a proposed crypto framework. He argued that doing it right would help protect consumers and markets while encouraging responsible innovation.

The Chinese-Canadian business executive praised the proposal amid general criticism from the crypto community, who described it as outdated and unbalanced.

The founder of Binance also said the global approach to crypto regulations by the United States helped ensure consistent and clear laws. He commented that this would allow changing the current regulatory regime, in which each state seems to set its rules.

Regarding the framework, Zhao pointed out that it includes specific provisions for cooperation with other countries. In addition, he mentioned the active collaboration with global standardizers and the private sector, mainly on the application front.

Binance Aims to Further Its Cooperation with Regulators

Zhao also stated that Binance expects to work with regulators to establish a global regulatory and compliance framework. He explained that the cryptocurrency exchange had launched law enforcement training worldwide and has worked to comply with regional regulations.

However, the commendation by Zhao might be a way to include Binance in the good books of global regulators. That is the second time since last week that the programmer has publicly praised regulators. While in Paris, he said the EU legislation on Markets in Crypto Assets (MiCA) would become a standard worldwide.

Crypto Stakeholders Criticize the White House Crypto Regulatory Framework

The report on cryptocurrencies from the White House has dealt with criticism from stakeholders. These include The Blockchain Association, the Crypto Council for Innovation, and lawmakers like Congressman Patrick McHenry.

Kristin Smith, the executive director of The Blockchain Association, considers the report a missed opportunity for the country. He said it would prevent them from becoming a leading regulator as it mainly focuses on the risks of crypto assets.

Sheila Warren, the CEO of the Crypto Council for Innovation, views it as outdated. She agrees with many other community members that crypto assets should provide privacy and freedom.

Changpeng Zhao Considers that Banks Should Adopt Cryptocurrencies to Survive

Last week, Changpeng Zhao explained why he thought the banking system needed to adopt cryptocurrencies. The executive said traditional financial institutions could survive by adopting crypto assets as a payment and savings method.

Zhao thinks this will allow banks to offer more financial products while remaining centralized, which they would not like to lose. In addition, he considers that it is necessary to educate users, legislators, and regulators about cryptocurrencies and Web3.

Cryptocurrencies have become a crucial part of the global economy, which renowned experts like Changpeng Zhao know well. However, the CEO of Binance considers they require clearly-stated regulations, going against the freedom and privacy principles of blockchain technology.

By Alexander Salazar

Empowering underserved communities is the most effective way to lift people out of the cycle of poverty in a truly sustainable way.

There are myriad misconceptions about decentralized finance (DeFi) that have contributed to a widespread misunderstanding of what this technology really is. Many people falsely accuse this emerging industry of being an opaque set of systems that serves as a means of making the rich richer while enticing retail investors to stake their money. However, this couldn’t be further from the truth.

In recent weeks, the market has seen centralized financial institutions in the crypto space go under due to their inability to successfully marry decentralized financial tools and a centralized financial model.

Despite these failures, truly decentralized finance looks stronger than ever. That doesn’t change the fact that these are disappointing results that have left many people in a vulnerable position, wondering when they will get their money back.

The Most Economically Vulnerable Have a Multitude of Barriers to Creating and Maintaining Their Wealth

Centralized entities, even in cryptocurrencies or any corporation, in a perfect world, would invest, lend, gamble, and collect returns without having huge holes in their balance sheets that require mergers and acquisitions by larger entities and liquidity providers to fix.

Unfortunately, these institutions are not transparent with how they conduct their business, and clients must put their trust in the people running the corporation to handle their assets safely.

This lack of clarity between institutions and their clients has been a problem, especially for the most vulnerable, since its inception. The consequences have been felt time and time again.

The 2008 global financial crisis, in particular, is a series of catastrophic failures that affected people around the world. But on a day-to-day basis, the most economically vulnerable are subjected to a multitude of barriers that constantly inhibit their ability to create and maintain their wealth.

There is a staggeringly large population of underbanked citizens in the world. According to a study by Global Findex, approximately 1.7 billion people around the world do not have access to a bank. High fees and opening minimums are cited as reasons among the unbanked for not being able to open accounts and participate in the current system.

As a result, the unbanked and underbanked are forced to use means such as prepaid debit cards, money orders, check cashing, or payday loans, which often carry high-cost fees, thereby perpetuating a vicious cycle of economic inequality.

Cryptocurrencies and Decentralized Financial Technology: an alternative

Cryptocurrencies and decentralized financial technologies offer a new way for these vulnerable populations to access financial tools without the traditional high barriers to entry.

Cryptocurrencies and DeFi protocols may be viable options for those facing racial discrimination and class bias in the banking system. With everything being done online, anyone with internet access can open a cryptocurrency wallet, and access is 24/7, making these tools tremendously accessible to everyone, regardless of socioeconomic status.

Breaking down the barriers between vulnerable populations and their access to wealth is a key step on the path to creating a better world. Empowering underserved communities is the most effective way to lift people out of the cycle of poverty in a truly sustainable way. Decentralized finance technologies are the tools that people can use to break the systemic chains that have kept them trapped for too long.

By Audy Castaneda

The expert believes increased adoption and demand will help the price of Bitcoin rise to USD 100,000 unless a reversal occurs. He pointed out that Bitcoin has suffered severe depression during the current global while struggling to trade above USD 20,000.

The prominent presence of bears in the market may cause the price of Bitcoin (BTC) to start a negative correction. There might be selling pressure if the cryptocurrency breaks the support level at USD 19,000.

If the bears drive the price of Bitcoin lower, the consolidation could turn into a bearish run. The next hurdle for the pioneering cryptocurrency might be at USD 21,000, but the recent sideways trend might continue in the short term.

Mike McGlone, a senior commodity strategist for Bloomberg Intelligence, recently talked about the future price of Bitcoin. He said it would trade above USD 100,000 by 2015 once the macroeconomic situation characterized by high inflation is over.

McGlone believes that increased adoption and demand would be the catalyst for the price of Bitcoin to rise. He considers that adoption and demand will increase unless a reversal occurs, which he finds unlikely. In addition, he said that it is a matter of time before BTC reaches USD 100,000.

Bitcoin and Other Cryptocurrencies Are amid the Global Crypto Winter

The analyst pointed out that Bitcoin and altcoins might be the best asset classes in the current situation. The use of the fastest-growing technology by cryptocurrencies led him to believe they have an added advantage.

According to McGlone, the state of the market is comparable to the 2000 dot-com boom, where some assets thrived while others collapsed. However, he highlighted that the measures of the US Federal Reserve (Fed) might be crucial to ending the current situation.

The strategist also noted that the global winter, of which cryptocurrencies are a part, has reached Bitcoin and the overall crypto market. His position goes against the general market perception that Bitcoin is going through a crypto winter. In particular, he said its price had suffered severe depression in 2022, struggling to trade above USD 20,000.

Bitcoin is trading at around USD 19,853 and has accumulated a 0.3% loss over the last 24 hours. While its daily trading volume is above USD 21.65billion, its market capitalization is about USD 380.27 billion, according to CoinGecko.

Bitcoin has become increasingly relevant in the economic system, which Mike McGlone knows well. The expert considers the technology behind it revolutionary, mainly due to the tokenization of assets. In addition, he recognized that the price of the pioneering cryptocurrency has always influenced the overall crypto market.

Investors should know the all-time high, behavior, and possible future value of Bitcoin or any other asset before buying it. That will allow them to find the most convenient opportunity to avoid the risk of losing money. That way, they will take advantage of the significant rise in the price in the long term.

By Alexander Salazar

Individuals should use strategies spread by those who are directly accessible through the social trading platform itself, rather than those operating under pseudonymous identities.

With a global economic landscape that continues to evolve radically in recent years, one of the most important advances that have emerged in the world of financial investments is that of “social trading”. In its most basic sense, the concept is for investors to copy and execute the live trading/investing methodologies of other experienced traders.

Since the setup associated with social trading platforms is largely automated, they are ideal for people just getting their feet wet in the world of digital assets. Not only that, but these platforms can also be of great use to experienced traders as they come with a plethora of analytical tools, allowing them to gain insight into the currency trends that are cluttering the market, such as changes in expected short-term momentum and potential trend changes.

It is essential to distinguish between social trading and copy trading. In a nutshell, copy trading refers to the act of investors replicating the strategies of others without any personal interaction involved in the transaction. At the same time, social investing allows users to use the portfolio management of experienced experts and interact with them.

Cryptocurrencies and Social Trading Go Hand in Hand. Why?

In recent years, the idea of ​​social trading has been gaining more and more adherents, especially among cryptocurrency enthusiasts. This is because, while most traditional investment techniques don’t translate well when used in the context of digital assets – due to issues such as strong price volatility – social trading is an exceptionally good fit for digital assets trading.

In addition, social trading is ideal for people with a low-risk appetite or for those traders who are just beginning the transition from the transaction economy to the cryptocurrency sector. This is because the technique offers users the ability to simply rely on the judgment of experienced experts who have a proven track record of posting solid profits without them having to learn every little aspect of how the cryptocurrency market works.

Key Aspects of Social Trading Platforms

Since most people take into account the past performance of the strategies they intend to apply, it is essential to use social trading platforms that offer portfolio management capable of providing sustainable income streams and not just short-term profits. It may also be wise to consider platforms that work on a successful fee-based model so that traders only make money when the investor does, or choose platforms that have been in business for longer periods with high AUM (assets under management).

Furthermore, it is vital to consider the risk aspect of the strategies being used. In this regard, the investor should evaluate his tolerance for risk before seeking the advice of certain investors known to take serious risks in the course of their daily trading activities. Thus, depending on one’s disposition, it is best to see whether an individual should take a short-term approach to make money or a relaxed long-term one.

Last but not least, individuals should use strategies spread by those who are directly accessible through the social trading platform itself (via their social media accounts, email addresses, etc.) rather than those people operating under pseudonymous identities. On the other hand, operators can start with little money and use those ecosystems that suit their interests, allowing them to start with as little as 1 dollar if necessary.

By Audy Castaneda