Binance’s CEO told CNBC on Tuesday that the crypto market will reach new highs in 2025 on the back of positive U.S. regulatory moves under newly sworn-in President Donald Trump. spoke.
Richard Teng, who took over the reins from Binance’s former president Chao Changpeng last year, told CNBC’s Arjun Karpal that he expected “clearer regulations” to be implemented in the US this year under the new Trump administration. He added that this will help the crypto market.
“Looking back at past cycles, this year will be the year of all-time highs for the crypto industry,” Teng said during a fireside chat at the World Economic Forum in Davos, Switzerland.
Bitcoin surpassed a price milestone of $100,000 for the first time last year as traders became more optimistic about the outlook for the crypto industry under the Trump administration. As of Tuesday, the token was trading at nearly $104,000, according to CoinGecko, and has fallen 3% in the past 24 hours amid a broader downturn in the crypto market.
“story [around crypto] “It’s changed quite dramatically since last year,” Teng added, noting that he has heard positive opinions about cryptocurrencies expressed by politicians and business leaders since arriving in Davos. .
Regarding the new law, Teng said he expects to see progress in the US on several aspects such as token issuance, trading, and asset management.
Trump is not the only major U.S. politician who is “pro-cryptocurrency,” Teng said, adding, “Currently, the House and Senate are.” [are] I’m more of a cryptocurrency supporter than I was in the past. ”
“Therefore, with the passing of the bill, pro-crypto regulators will be appointed to key commissioner roles at the SEC and CFTC,” the Binance CEO said.
President Trump has nominated Paul Atkins, a respected Washington lawyer, to head the Securities and Exchange Commission, which has traditionally been aggressive in its enforcement approach to the crypto industry.
Teng also expects Trump to provide “certainty” and “name recognition” to the crypto sector and establish a U.S. strategic Bitcoin reserve. This is something the current president hinted at during his campaign.
Description: The text and headline of this article have been clarified to reflect Binance CEO Richard Teng’s statement that the crypto market will reach a new all-time high in 2025.
