“We have moved from a period where there’s big regulatory uncertainty and in many sense, some regulatory hostility towards the industry, to one where the largest economy of the world said ‘we want to embrace crypto,'” Binance CEO Richard Teng told CNBC’s Arjun Kharpal at CONVERGE LIVE in Singapore on Thursday.
Under the administration of former U.S. President Joe Biden, regulators cracked down on the industry in an effort to protect Americans from fraud and money laundering.
“[If] you ask anybody in the crypto industry, people prefer the current administration compared to the last one,” Teng said.
Crypto reserve
End of ‘Operation Choke Point 2.0’
According to Teng, during the last administration, you had “Operation Choke Point 2.0” in progress — an alleged effort by regulators during the Biden presidency to pressure banks into severing ties with crypto. CNBC was unable to verify these claims.
Teng also said the industry faced “regulation via enforcement,” which made it extremely tough for it to grow.
Hashkey Capital’s Deng agreed that a return of banking services for crypto companies in the U.S. is one of the most important changes to come from the elections.
“They encourage and they allow banks to be involved with crypto. This is a very huge step for the crypto and Web3 industry,” he said, adding that banks will now feel more comfortable working with crypto-related clients.
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