Richard Teng, Chief Executive Officer of Binance, said that the United States has transitioned from an anti-crypto stance to a position aiming for global leadership in cryptocurrency. He emphasized the importance of clear regulations for industry growth during his remarks at Binance Blockchain Week.
"The US has gone from being anti-crypto to wanting to become the crypto capital of the world," said Teng. "Clear regulation will bring more trust and adoption to the industry."
President Trump signed the GENIUS Act into law on July 18, 2025. This legislation establishes a federal framework for stablecoin issuance, mandating 100% reserves and consumer protections to enhance the dollar's reserve status and national security. This shift from previous restrictive policies aligns with global adoption trends and promotes trust through structured oversight.
According to a Brookings article, in 2025, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) collaborated on modernizing regulations. This included joint rulemaking for digital asset classifications and infrastructure, with discussions advocating for agency merger to streamline oversight.
The U.S. approach to crypto policy underwent significant changes in 2025 under the Trump Administration, as documented in federal and legislative statements. Senator Bill Hagerty described 2025 as a "pivotal year for digital asset legislation," emphasizing the need for clarity to foster innovation and leadership. Treasury and SEC officials also highlighted a renewed federal commitment to regulatory clarity and crypto growth.
Teng has been serving as Binance’s CEO since November 2023, following over three decades in financial services and regulation. His previous roles include positions at the Monetary Authority of Singapore, Singapore Exchange, and Abu Dhabi Global Market. Founded in 2017, Binance is recognized as the world’s largest cryptocurrency exchange but has encountered various regulatory challenges.
