- Richard Teng said the market has moved from a period of “regulatory uncertainty”
- Teng described the US Bitcoin reserve as a “landmark” moment
- EU ministers have said the creation of a digital euro was important to stay ahead
Binance’s CEO has said that US President Donald Trump’s pro-crypto shift could encourage world regulators to follow suit.
Richard Teng was speaking on a panel at CONVERGE LIVE in Singapore when he made his comments reports CNBC. Speaking, Teng said:
“We have moved from a period where there’s big regulatory uncertainty and in many sense, some regulatory hostility towards the industry, to one where the largest economy of the world said ‘we want to embrace crypto’.”
Trump’s Bitcoin reserve
Teng’s remarks comes as Trump signed an executive order last week establishing a Strategic Bitcoin Reserve and a Digital Asset Stockpile. Before signing the order, Trump posted on Truth Social that Bitcoin, Ethereum, XRP, Solana’s SOL, and Cardano’s ADA tokens would be included.
Talking about the Bitcoin reserve, Teng described it as a “landmark” moment, adding:
“The messaging is the largest government … the biggest capital market in the world is now holding Bitcoin as part of the reserve, [that’ll] cause many other governments to think through the issue, to sit up to say, should we start doing allocation into crypto and Bitcoin?”
Earlier this week, EU ministers voiced their concerns over the Bitcoin reserve. Many are worried that it could affect monetary sovereignty and financial stability in the euro zone. Speaking at a news conference after discussing crypto developments in the US, Paschal Donohoe, chair of the ministers, said:
“Policy developments in other jurisdictions can have important consequences for us here in Europe.”
He added that the creation of a digital euro by the European Central Bank (ECB) was important to stay ahead of the curve.
Crypto prices fall
Since the announcement of the Strategic Bitcoin Reserve, crypto prices across the board have fallen.
Following the news, Bitcoin dropped to $84,000. Solana fell by 5%, falling to $142 per token. At its lowest point, this week, Bitcoin dropped to $76,000 after Trump failed to rule out the possibility of a recession.
At the time of publishing, Bitcoin is trading around $81,000.
