Changpeng Zhao supported the concept of cryptocurrency regulation proposed by Biden

Binance CEO Changpeng Zhao praised the digital asset reports released by the Biden administration, despite the mixed reception from some in the cryptocurrency industry.

«It's great to see the US moving toward a proposed crypto framework,» Zhao said in a Twitter post. «Theright approach will help protect consumers, markets, and spur responsible innovation… The U.S. whole-of-government approach to regulating the cryptocurrency industry will provide the necessary consistency and clarity.»

The US’s whole-of-government approach to crypto regulation will bring much-needed consistency and clarity vs. the current patchwork of state laws and regulations that govern this space. (3/9)

— CZ? Binance (@cz_binance) September 16, 2022

The White House presented the first-ever concept of cryptocurrency regulation in the United States on September 16. The document includes information on ways to develop financial services and methods to combat cryptocurrency fraud.

The main points covered by the recommendations are:

• consumer and investor protection;
• promoting financial stability;
• countering illicit financing;
• uS leadership in the global financial system;
• economic competitiveness;
• financial accessibility of cryptocurrencies.

According to the US President’s order, the White House paid special attention to the development of recommendations for protecting cryptocurrency investors from fraudsters.

Earlier this week, Binance CEO also supported a bill to regulate cryptocurrencies in Europe. Changpeng Zhao suggested that the EU legislation on cryptoasset markets (MiCA) is likely to be adopted globally as a standard for cryptocurrency regulatory policy. However, the head of Binance expressed some concerns about limiting the issuance of stablecoins pegged to the US dollar. Zhao believes that this could lead to their possible ban in the EU.