What Binance’s Co-CEO Says at Davos: Examining US Return Plans and Ripple’s Vision
A recent report from CNBC revealed that Binance’s CEO, Richard Teng, is considering returning to the US market after exiting in 2023 as part of a regulatory deal that led to the exit of the exchange’s former CEO, Changpeng Zhao (CZ).
Ripple’s CEO Predicts Positive Impact From Binance’s Return
during the interview at the World Economic Forum in Davos on Tuesday, Teng stressed that Binance is taking a “wait-and-see” stance on re-entering the US, a market he considers “very important.”
Along with Teng’s comments, Brad Garlinghouse, CEO of Ripple, shared his perspective on the prospect of a comeback for the world’s leading exchange in a separate interview with CNBC.
Garlinghouse noted that the US market is important and suggested that Binance had been a major player within it. “I think they will come back because they are a capitalist company, with young people who want to solve the biggest challenges of the market and continue to grow,” he said.
Not only that, but Garlinghouse also believes that entering Binance in the country cryptocurrency market it can increase competition and ultimately attract more users. He commented:
I think it will have a positive effect on bringing more people into the market, partly because it will lower prices. Today their prices are lower around the world than what we see here in the US
Teng, Garlinghouse Call Support for Key Crypto Credits
The debate over Binance’s future in the US comes amid turmoil in the regulatory environment for cryptocurrencies. The recent cancellation of a key markup of the crypto market structure bill, known as CLARITY Actshows ongoing challenges.
Teng, a former regulator himself, weighed in on US crypto regulations, saying “any regulation would be better than no regulation.” He said the clarification of the rules allows companies to use the framework properly.
“Once you’re clear, you can start working around those rules,” Teng said, acknowledging that the initial rules may not be perfect but can be adjusted over time.
This backdrop of regulatory uncertainty is further complicated by recent developments in the industry. Coinbase CEO, Brian Armstrong, he stepped back from supporting the crypto market structure bill 24 hours before its marking, leading to its eventual suspension.
Garlinghouse, who continues to support the bill in its latest form, was surprised by Armstrong’s “vehemence” against the CLARITY Act. He noted that “the entire industry, including the exchange that competes with Coinbase, was still supportive.”
Looking ahead, Garlinghouse is hopeful that industry leaders will find a way to overcome the current crisis. “If we want the industry to continue to grow, we need things like the Genius Act and the Clarity Act,” he confirmed.
At the time of writing, Binance’s native token, Binance Coin (BNB), has dropped to $893.65, marking a 3.7% drop in the last 24 hours. The XRP token associated with Ripple recovered to $1.90, losing even more by 5.5% during the same period.
Featured image from OpenArt, chart from TradingView.com
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