Richard Teng, CEO of Binance, the world's largest cryptocurrency exchange by trading volume, said that U.S. leadership adopting a friendlier approach to the crypto industry would benefit the global crypto ecosystem. Teng shared his statement in a January 22 post.
"It is clear that a potential crypto-friendly leadership in the world’s largest economy could have seismic effects," Teng said in the post.
According to Yahoo Finance, President Donald Trump pledged during his campaign to make the U.S. the "crypto capital of the world," a stance that many crypto enthusiasts believe helped drive Bitcoin over $100,000. Digital Chamber President Cody Carbone noted that many of the crypto industry’s goals could be quickly achieved through the appointment of crypto-friendly officials. Trump nominated Paul Atkins, an attorney with a positive reputation in the crypto industry, to serve as the new chair of the U.S. Securities and Exchange Commission (SEC). If confirmed by the Senate, Atkins could "pull back" the SEC’s ongoing lawsuits against crypto exchanges.
Senate Banking Committee Chairman Tim Scott said Atkins "understands the importance of regulatory clarity for the digital assets industry and the millions of Americans who want access to this asset class," according to a press release. Scott also emphasized that Atkins has the ability to undo "the harm" caused by former SEC Chair Gary Gensler to U.S. capital markets.
A report from Social Capital Markets found that SEC fines against the crypto industry surged from $150.26 million in 2023 to $4.68 billion in 2024, marking a 3018% increase, according to Federal Newswire. Despite this sharp rise in penalties, industry participants argue there remains a lack of regulatory clarity in the crypto ecosystem. SEC Commissioner Mark Uyeda said, "I think our policies and our approach over the last several years have been just really a disaster for the whole industry." He added that clear guidance and interpretations are needed regarding what falls within and outside securities laws.
U.S. Senator Cynthia Lummis called SEC Chair Gary Gensler’s resignation "welcome news for the digital asset industry," according to Federal Newswire. Lummis had previously criticized the SEC's approach after it sued crypto exchanges Binance and Coinbase in 2023. In a post, she said, "The SEC's continued reliance on regulation by enforcement continues to harm consumers."
Teng joined Binance in August 2021, according to its website. He previously served as CEO of Abu Dhabi Global Market's Financial Services Regulatory Authority, chief regulatory officer at Singapore Exchange (SGX), and director of corporate finance at Singapore's Monetary Authority before becoming CEO of Binance in November 2023.
