Ahead of the upcoming US presidential election, Changpeng Zhao, the co-founder and former CEO of Binance, is hopeful about the future of global cryptocurrency regulations. He stated that cryptocurrency regulations are moving in a promising direction across the world during his first public address since his release from prison in the US.
The former CEO of the world’s largest cryptocurrency exchange was released from federal prison on September 27 after serving a four-month sentence for anti-money laundering violations. CZ made his first public appearance after his release from prison during Binance Blockchain Week.
CZ has no plans to return to Binance
While he did not comment on whether his sentence was fair, he did mention that he was the only person to go to prison after violating the Bank Secrecy Act. He said he feels somewhat relieved to no longer be running the exchange and has no plans to return, even if he is allowed to.
CZ said there is no agreement that permanently bans him from working at Binance, although the agreement could be updated, but he has no intention of returning to the CEO role. Even if he is allowed to return to the CEO role, he probably won’t.
Instead, CZ stated that he will focus on other projects, such as Giggle Academy, where he aims to provide education to over a billion people who do not have access to it. He revealed that he will also continue to invest in the cryptocurrency industry, as well as AI and biotechnology.
Are pro-crypto regulations coming?
During a fireside chat on October 31 at Binance Blockchain Week, CZ stated:
“Overall [cryptocurrency regulation] is actually moving in a very positive direction… In June, Donald Trump is pro-crypto. At the end of June, both parties are pro-crypto. I’m still sitting in prison like, what the hell happened?”
Zhao hinted that the shift in views on cryptocurrencies suggests a growing public demand for digital assets. However, he declined to speculate on the potential outcome of the election.
Cryptocurrency Regulations Take Center Stage
These comments come days ahead of the November 5 US presidential election, where cryptocurrencies will be a political focal point for the first time in history.
US political parties call for pro-crypto and stablecoin regulation in an open letter. While CZ is optimistic about the future of crypto regulation, this is not the case for others in the industry.
Paxos CEO Charles Cascarilla has written an open letter to Donald Trump and Kamala Harris, urging the next president to consider stablecoin-friendly legislation to maintain the U.S. dollar’s global dominance and improve inefficiencies in the traditional banking system.
“Stablecoins or digital dollars — U.S. dollars digitized through blockchain technology — are the crucial upgrades to the payments system that will revolutionize the movement of money, enable greater participation in the global economy, and ensure the supremacy of the U.S. dollar for years to come. This is not some distant, hypothetical future. It is happening right now,” the letter stated.
