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Binance CEO CZ responded to the White House administration’s recent statement, which addressed crypto bankruptcies in 2022 and highlighted the need for more regulation. He suggested that recent crypto bankruptcies could prove devastating for long-term traditional companies.

Binance CEO says crash is temporary

The White House statement of the day titled “Roadmap to Mitigate the Risks of Cryptocurrencies” included the Terra and FTX bankruptcies in 2022. While neither Terra UST-LUNA’s nor FTX’s collapses were directly mentioned in the statement, the devastating effects of both were mentioned. Authorities also reported that new steps will be taken to protect investors in the coming months. However, in a section on exchanges in particular, the statement that “cryptocurrency platforms have conflicts of interest, do not make adequate disclosures or are outright fraudulent” was remarkable. We have included the details in this article.

Shortly after the White House’s statements, CZ interpreted the effects of the bankruptcies from a different perspective. He suggested that companies not adopting blockchain technology could perish in the long run…

CZ says companies that stay out of technology will perish

Binance CEO, White House on Twitter for the statements, “Did you say the impact of several failed crypto projects last year? In the short term, they hindered the growth of the crypto industry. But we are already seeing improvement. In the long run, this could have serious ramifications for traditional finance players in 10-20 years, as they are actually preventing them from adopting the technology, possibly causing them to fall further behind on the adoption curve,” he wrote.

CZ says that last year’s bankruptcies can be recouped in the short term, but in the long run it will drive companies in the traditional industry out of the market. According to Binance CEO, companies that move away from Blockchain technology with this fear may face extinction in the coming years.

White House urges to “increase efforts” on cryptocurrency regulation

In the statement released Friday, other recommendations to Congress include strengthening transparency and disclosure requirements for crypto companies, strengthening penalties for violating illegal finance rules, and working more closely with international law enforcement partners.

The officials also made recommendations on what Congress should not do in drafting new crypto regulation, including “giving the green light to mainstream institutions such as pension funds to dive directly into the cryptocurrency markets.” The White House’s concerns and recommendations reflect similar statements by US regulators, including CFTC official Kristin Johnson, who earlier this week urged Congress to expand the CFTC’s power to conduct due diligence on crypto purchases.

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