Around the world, regulators are coming after the crypto industry. China has outlawed cryptocurrency mining and declared all cryptocurrency transactions illegal. The European Union is creating a licensing framework for crypto issuers and service providers. And in the U.S., SEC chair Gary Gensler wants powers to oversee a sector that he calls the “Wild West.” All this regulatory alarm comes as digital assets explode in popularity. Bitcoin has gone mainstream. The arrival of the Bitcoin ETF in America is a milestone. The newly elected mayor of New York, Eric Adams, said he would take his first three paychecks in Bitcoin when he takes over City Hall in January. A showdown is looming. How will it play out? And what are the consequences for digital finance more broadly?
Erik Schatzker, Editor-at-Large, Bloomberg TV discusses with Changpeng “CZ” Zhao, Founder & CEO of Binance.
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Erik Schatzker, Editor-at-Large, Bloomberg TV discusses with Changpeng “CZ” Zhao, Founder & CEO of Binance.
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Like this video? Subscribe to Bloomberg New Economy on YouTube:
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Francisco Gimeno - BC Analyst So interesting to listen to the Binance's CEO talking about regulations, for many reasons. He starts very well, crypto is not money or commodities, is an innovative technology. From there to the end the talk about regulation is pure common sense. Those afraid of the new economy will try to strangle it, at not avail long term, those welcoming it will help to bring it to the mainstream. There is time yet to reach that balance where regulations help everyone, instead of damage the innovation and/or investors and users, propitiating the mass used of everything in the new financial world.