Richard Teng on Trump’s Pro-Crypto Policies

Richard Teng, the CEO of Binance, stated that President Donald Trump’s pro-crypto policies are prompting global regulators to reevaluate their strategies. Speaking at CONVERGE LIVE in Singapore, Teng highlighted a shift from the Biden administration’s crackdown on crypto to one that is actively supporting the industry.

> “We have moved from a period where there’s big regulatory uncertainty and, in many senses, some regulatory hostility towards the industry, to one where the largest economy of the world said, ‘we want to embrace crypto,” Teng said.

Under Biden’s presidency, regulators intensified scrutiny on crypto exchanges, citing concerns over fraud and money laundering. Teng emphasized the industry’s relief under the current administration: “If you ask anybody in the crypto industry, people prefer the current administration compared to the last one.”

Trump’s Executive Order for a U.S. Crypto Reserve

Earlier this month, Trump reinforced his pro-crypto position with an executive order to establish a strategic crypto reserve for the United States. This reserve will utilize seized digital assets from criminal and civil forfeitures, including Bitcoin, Ether, Ripple’s XRP, Solana’s SOL, and Cardano’s ADA.

Teng remarked, “The messaging is that 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 and say, should we start allocating into crypto and bitcoin?”

The crypto markets responded immediately; Bitcoin prices fell following the announcement, as investors were less than enthused about the reserve details. Additionally, market sentiment has dimmed due to concerns over Trump’s new tariff policies, which could threaten riskier assets like crypto.

Teng downplayed the market drop as a short-term reaction, asserting that Washington’s support of digital assets and Trump’s selection of crypto-friendly lawmakers would drive long-term growth for the industry.

Since returning to office, Trump has prioritized crypto regulation, naming David Sacks, a venture capitalist, as the new White House artificial intelligence and crypto czar.

Teng on the End of ‘Operation Choke Point 2.0’

Teng referred to the regulatory crackdown during Biden’s term as “Operation Choke Point 2.0,” claiming it was a coordinated effort to cut off crypto firms from banking services, effectively pushing them out of the financial system. While CNBC could not confirm such an operation’s existence, Teng expressed that the industry endured significant hardship due to these regulatory pressures.

Chao Deng, CEO of HashKey Capital, supported Teng’s assertions, stating that facilitating banks to engage with crypto is a major victory for the industry. Deng noted that banks now feel secure working with crypto clients again.

Despite the struggles in the broader crypto market, Binance’s BNB token climbed by 8% following reports of Trump’s family negotiating a financial stake in Binance.US. The Wall Street Journal reported that Binance had explored partnerships with Trump allies to help gain a foothold in the U.S.

Steve Witkoff, a real estate investor and Trump ally, has reportedly led discussions between Binance and the Trump family. Concurrently, it was reported that Binance’s founder, Changpeng Zhao (CZ), seeks a presidential pardon after facing a four-month sentence for violating anti-money laundering laws.

CZ responded to the Wall Street Journal’s claims, saying, “I have had no discussions of a Binance US deal with … well, anyone.” He quipped that while “no felon would mind a pardon,” he believes the journal’s article reflects an attack on Trump and crypto, insinuating that remnants of the “war on crypto” from the previous administration persist. “It’s good to see that even WSJ thinks I should be pardoned,” he added with humor.