Richard Teng, CEO of Binance, expressed optimism about the future of the U.S. cryptocurrency market, indicating that the company is closely monitoring regulatory developments under the new administration. Teng made these remarks during a January 25 episode of the Beyond the Valley podcast.
"We're optimistic about the U.S. market but are holding a watching brief as regulatory clarity evolves," said Teng.
On February 11, DL News reported that the U.S. Securities and Exchange Commission (SEC) and Binance jointly requested a 60-day pause in the SEC's lawsuit against Binance and its co-founder and former CEO, Changpeng Zhao (CZ). The SEC noted in its motion that the formation of a new crypto task force could influence the case’s direction, potentially leading to a resolution. This task force is led by Commissioner Hester Peirce, who has previously criticized what she described as a "regulation by enforcement" approach under former chairman Gary Gensler's leadership.
According to a press release dated January 21, Acting SEC Chairman Mark Uyeda announced the establishment of this new task force. The group aims to collaborate with both the public and other SEC staff "to set the SEC on a sensible regulatory path." The press release highlighted that previous enforcement-heavy strategies had created legal uncertainty and confusion among market participants while fostering an environment perceived as "hostile to innovation." The task force is expected to assist in formulating clear and effective regulatory guidelines.
Under Gensler's leadership, numerous "non-fraud enforcement actions" were pursued against crypto companies. However, Roslyn Layton, a senior fellow at the National Security Institute, said that no regulatory guidelines were issued for registering digital assets or determining their classification as securities. Layton criticized this lack of guidance: "There are no forms, no instructions, and no published rules for registration." She also condemned lawsuits seeking penalties that many companies cannot afford to contest while those challenging them have exposed significant issues with the SEC’s approach.
Binance remains the largest cryptocurrency exchange globally by trading volume and offers services through its Binance.US platform across several U.S. states. However, it is not available in states such as New York and Texas.
Teng joined Binance in August 2021 after serving in various high-profile roles including CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), chief regulatory officer of Singapore Exchange (SGX), and director of corporate finance at the Monetary Authority of Singapore. He assumed his role as CEO of Binance in November 2023.
