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Binance CEO Richard Teng speaks in Singapore on Sept. 17, 2024, at an event organized by the local foreign correspondents association.
Bloomberg | Bloomberg | fake images
bitcoin will hit a new all-time high in 2025 thanks to positive regulatory moves in the US under new President Donald Trump, Binance CEO told CNBC on Tuesday.
Richard Teng, who took the reins from former Binance boss Changpeng Zhao last year, told CNBC’s Arjun Kharpal that he sees “much clearer regulation” in the US this year under the new Trump administration. adding that this will support crypto markets.
“If you look at past cycles, this year will be a year where we see a new all-time high for the crypto industry,” Teng said in a fireside chat at the World Economic Forum in Davos, Switzerland.
Bitcoin surpassed the $100,000 price milestone for the first time last year, as traders became optimistic about the crypto industry’s prospects under the Trump administration. As of Tuesday, the token was trading near $104,000, according to CoinGecko, down 3% in the past 24 hours amid a broad decline in crypto markets.
“The narrative (around cryptocurrencies) has changed quite dramatically” since last year, Teng added, noting that he has been hearing positive crypto sentiments expressed by political and corporate leaders since his arrival in Davos.
In terms of new legislation, Teng said he hopes to see progress in the United States on several fronts, including token issuance, trading and asset management.
Trump is not the only key American political figure who is “pro-cryptocurrency,” Teng said, adding: “The House of Representatives and the Senate are now pro-cryptocurrency, compared to the past.”
“So, legislation will be passed, pro-crypto regulators will be appointed to key commissioner roles at the SEC and CFTC,” the Binance CEO said.
Trump tapped respected Washington attorney Paul Atkins to lead the Securities and Exchange Commission, which has previously been aggressive in its law enforcement approach to the cryptocurrency industry.
Teng also hopes that Trump will give the crypto sector “certainty” and “recognition,” as well as establish a strategic reserve of bitcoins in the United States, something the now president suggested he would do during his campaign.
