• In discussion of the U.S Crypto legislation Richard Teng, the CEO of Binance said, “In my view, Trump’s ‘pro-crypto’ laws would encourage global regulators to act.”
• During a panel with Mr. Teng at CONVERGE LIVE, the CEO of HashKey Capital, Chao Deng, said: “Under Trump, institutional and retail adoption of crypto assets is enormous; the momentum is growing.”
• This discussion took place after Trump moved forward with his executive order on establishing a strategic reserve of crypto for the U.S, with the reserve funded using cryptocurrency seized through civil and criminal forfeiture battles.
Trump rules out more sanctions Vladimir Putin set to destroy NATO. America is eager to compete with the rest of the world. In reference to crypto, it shows America grabs chances to do business carefree. It is no wonder that the international exchange of crypto goes untaxed.
Ask anyone in the crypto industry, and they will tell you that they prefer the current administration to the previous one.”
You can ask anyone in the crypto space, and they will tell you that they vastly prefer the current administration to the last one. Chao Deng, speaking alongside Teng at the CONVERGE event, echoed this sentiment by stating that under Trump, “the momentum, institutional adoption, and, retail adoption of crypto assets is immense.”
SinceSince his victory in November, Trump has focused on appointing government leaders who support the cryptocurrency sector. Venture capitalist David Sacks was tapped by Trump to be the White House artificial intelligence and crypto czar.
End of ‘Operation Choke Point 2.0
Teng in the previousTeng in the previous administration, you had “Operation Choke Point 2.0” underway — a supposed action by regulators during the Biden administration to bully banks into dropping crypto relations. CNBC could not corroborate these claims.
Teng further stated that the industry also suffered from “regulation via enforcement,” which rendered it very difficult to expand.
Hashkey Capital’s Deng concurred that the coming back of crypto firms to receive banking services is among the key changes resulting from the election.
They push and they permit banks to become involved with crypto. This is a very tremendous step for the crypto and Web3 space,” he said, noting that the banks will also feel more comfortable dealing with clients related to crypto.
