The CEO of the Crypto Exchange Bennes said that he hopes to regulate the “Pro-Crupto” law of US President Trump in the US to follow the suits to regulators in other parts of the world.
“We have gone from a period where there is a large regulator uncertainty and in many meanings, some regulatory enmity towards the industry, where the world’s largest economy said, ‘We want to embrace Crypto,” Binens CEO Richard Teng told Arjun Kharpal of CNBC in Singapore on Thursday.
Under the administration of former US President Joe Biden, regulators focused on the industry in an attempt to save Americans from fraud and money laundering.
“(If) you ask anyone in the Crypto industry, people prefer the current administration compared to the previous one,” Teng said.
Crypto Fund Manager Hashi Capital CEO Chao Deng, who spoke to Teng at The Conversion Event, shared the scene that said that under Trump, under Trump, under Trump, “speed of motion, institutional (and) retail adoption (crypto property) is immense.”
Crypto reserve
Trump commented after proceeding with an executive order to establish a strategic reserve of cryptocurrency for the US using digital assets seized in criminal and civil forest cases.
In a post on Truth Social, Trump said that apart from bitcoins, the strategic reserve would include Ether, XRP, Solana’s Sol Token and ADA coin of Cardano.
The CEO of Benance described the US Crypto Reserve as a “landmark” issue. “Messaging is the largest government … The world’s largest capital market is now catching bitcoin as part of the reserve, (which) motivates many other governments to think through the issue, to sit to say that, do we start allocation in Crypto and bitcoin?”
Bitcoin prices have fallen since Trump’s announcement of Trump’s strategic crypto reserve as the details of the plan were reduced by expectations. Investor enthusiasm for risky assets has also become more widely softened due to concerns over the impact of Trump’s tariff schemes.
Teng recently reduced the pullback as a “strategic retreat” in the crypto markets, such as – like any other asset class – it is not “immune” for macroeconomic conditions. However, the nomination of many crypto-friendly legislators of Washington’s digital assets and Trump’s nomination will provide “strong” long-term driver, he said.
Since his victory in November, Trump has focused on appointing government leaders supporting the Cryptocurrency sector. Venture capitalist David Sachs, who tapped Trump as his crypto and artificial intelligence Caesar, joined the Oval Office to sign the order.
End of ‘Operation Chok Point 2.0’
According to Teng, during the final administration, you had “Operation Chok Point 2.0” in progress – an alleged attempt by regulators during the Biden Presidency to pressurize banks to separate relations with Crypto. CNBC was unable to verify these claims.
Teng also said that the industry faced “regulation through enforcement”, which made it extremely difficult to grow.
Deng of Hashi Capital agreed that the return of banking services for crypto companies in the US is one of the most important changes coming from elections.
He said, “They encourage and allow banks to join with Crypto. This is a huge step for Crypto and Web 3 industry,” he said that banks will now feel more comfortable working with Crypto-related customers.
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