Market News

US Binance Pushes for Crypto Regulation Overhaul to Set Global Standards

Binance's CEO, Richard Teng, has expressed strong support for an overhaul of U.S. crypto regulations aimed at establishing a clearer framework for digital asset oversight.

This initiative seeks to transition from outdated securities laws to regulations that better align with the operational realities of blockchain technology.

Teng emphasized the significance of Project Crypto and its proposed safe harbor principles, which could provide critical regulatory breathing space for new token projects.

He highlighted that such a shift would alleviate the legal risks facing U.S. developers, allowing them to innovate without fear of immediate enforcement actions.

The Binance executive believes that if the U.S. successfully adopts these measures, it could set a global benchmark for responsible and innovation-friendly regulation.

Additionally, improvements in rules governing custodial services and staking could open doors for institutional participation in the crypto market.

Teng praised the SEC's efforts to engage more with the crypto industry, acknowledging this as a positive move towards modern regulatory tools.

Amid these developments, Ethereum also saw notable growth, as corporate holdings of the asset surged by 127% in July, showcasing increased institutional interest.

This shift indicates a growing trend of corporations opting for direct exposure to Ethereum rather than relying solely on passive ETF allocations.

Both U.S. regulatory reforms and growing corporate engagement underscore the transformative potential of crypto in financial markets, paving the way for a more robust digital economy.