NewsletterJust In: Binance’s CZ Suggests Best Way To Protect US Dollar Dominance
Crypto Market News: Binance chief executive office Changpeng Zhao (CZ) explained that there could be a two way thought process behind the United States’ reluctance to adopt a comprehensive crypto market policy. The comments came at the backdrop of the Commodity Futures Trading Commission’s (CFTC) lawsuit against Binance and CZ. Interestingly, the US regional banking crisis strengthened the case for having a decentralized financial network governed over blockchain, which was precisely the reason why Bitcoin was created.
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The CFTC had in March 2023 sued crypto exchange Binance over “wilful evasion of US law,” in the midst of a flurry of various other enforcement actions by the U.S. Securities and Exchange Commission (SEC) against crypto businesses.
How The US Can Protect Dollar Dominance
Speaking at an “Ask Me Anything” event hosted by Binance on Wednesday, the CEO said the US does not want to lose the US Dollar dominance globally. The United States is a large government with multiple departments looking into the financial sector and different people in the government may have different views, he explained. However, he said adopting the web 3.0 space could actually help the United States’ cause, in contradiction to the apparent fear of losing relevance if crypto is regulated. In addition, CZ said the US banking giants feel threatened with the emergence of crypto market and the technology behind it.
“I personally believe that the best way to protect US Dollar dominance is to adopt crypto and blockchain industry. But different people have different views. Also, some people in the banking sector feel threatened by the new technology (blockchain).”
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