Binance CEO CZ Suggests Stablecoin as Rescue Plan for Weak U.S. Dollar

Updated: 05 June 2023

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The cryptocurrency exchange Binance chief executive, Changpeng Zhao, encouraged Ron DeSantis’ public support for the cryptocurrency sector.

The narrative around the cryptocurrency market is becoming more significant as we approach the 2024 U.S. presidential election as politicians and other key figures push for a discussion on regulating cryptocurrencies in the country. This is progressing despite the ongoing attacks on cryptocurrency firms operating nationwide by organizations like the U.S. Securities and Exchange Commission (SEC).

Recent criticism of the Biden administration’s handling of the crypto enforcement operations came from Florida Governor Ron DeSantis. His remarks discussed the country’s adoption of Central Bank Digital Currencies (CBDCs) and crypto regulation.

Ron DeSantis wants laws to “expressly forbid” use of Central Bank Digital Currency in Florida, calls on other US states to do same

“Cash is king. The minute it’s all digitized, somebody else is going to have control (over your life)”#CBDC pic.twitter.com/1D028BU9Fg

— Together (@Togetherdec) March 20, 2023

The Governor claimed that the present U.S. government wants to control the cryptocurrency market so strictly that it will not be able to operate in the U.S. in the context of Florida’s prohibition on CBDC use. In his words, “Bitcoin represents a threat to the current regime.”

Binance CEO CZ: Stablecoins can Bring Back the Lost Power of U.S. Dollar

Although the U.S. regulatory landscape does not appear favorable for cryptocurrencies, according to Binance CEO Changpeng Zhao (CZ), the country can take the lead once more. The creator of the biggest digital asset exchange in the world believes that stablecoins can expand the uses for the dollar and welcomes Republican presidential candidate Ron DeSantis’ support for cryptocurrencies.

According to CZ, the United States’ regulatory climate is unfavorable for the cryptocurrency industry. “I think there’s a lack of clarity, and there are clear cases of regulation by enforcement of which we are a recipient, in at least one case. So, it’s just not good,” he said. Consequently, it’s just bad,” he remarked. His remarks were made during a Q&A section on Twitter.

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— Binance (@binance) May 31, 2023

He said that the United States has advantages as it has a democracy with strong foundations and freedom of expression; it is hence powerful in numerous areas. But the U.S. also has significant drawbacks in embracing cryptocurrencies, according to the businessman.

The U.S. dollar is the most extensively utilized currency, according to Zhao, making it a tremendously powerful tool for the U.S. He went on to explain that certain people in the country believe there is nothing that can be done to even faintly question that dominance.

The creator of the biggest cryptocurrency exchange in the world noted: “But then there’s a different group of guys, who are innovators, who say the best way to enhance the dominance of that [the dollar] is to embrace crypto.”

The U.S. dollar’s ability to be utilized in more areas will be strengthened if we issue additional stablecoins based on the U.S. dollar. Limiting that lessens the worldwide use cases for U.S. money, at least in the crypto groups.

Zhao praises ‘great’ Governor of Florida and ‘fantastic’ mayor of Miami

C.Z. acknowledged that he is too busy to follow American politics daily, but he applauded Florida Governor Ron DeSantis for his position on cryptocurrencies. He is wonderful, in my opinion, since he is pro-crypto, Zhao stated. Hester Peirce, the commissioner of the SEC, and Francis Suarez, the “fantastic” mayor of Miami, were among the other American figures he mentioned falling into such a group.

Binance CEO CZ Endorses Pro-Crypto Ron DeSantis, Ignites Industry Hope

— VVhat_IF (@0xYork_abando) June 5, 2023

Although the “U.S. doesn’t look positive to crypto” due to its “chaotic environment,” the failure of three crypto-friendly banks, and lawsuits involving some leading crypto companies, the CEO of Binance is convinced that the country has the potential to once again lead when the regulatory environment improves.