Binance.US expects digital assets to anchor conventional finance by 2025, despite ongoing legal battles with the SEC that the company claims have hindered innovation.
The interim CEO of Binance.US reflects on the challenges and looks to the future of crypto in 2025
The interim CEO of Binance.US, Norman Reed, has shared his thoughts on the challenges and growth prospects of the platform as it approaches 2025, highlighting the changing role of digital assets in the broader financial landscape. Reed emphasized the resilience of the cryptocurrency sector despite regulatory hurdles in a blog post published last week, stressing the long-term potential of digital assets. He said:
We hope that digital assets become an important part of the 'conventional' financial ecosystem in the U.S. and around the world. The long-term vision is to think of cryptocurrencies as a rising ladder where each cycle builds on the previous one.
His comments come as Binance.US continues to navigate its legal battle with the U.S. Securities and Exchange Commission (SEC) following the agency's civil lawsuits against the company in 2023.
Addressing the SEC's actions, Reed criticized the regulator's approach, arguing that it has stifled innovation and harmed the crypto industry. 'Ultimately, I firmly believe that the actions of the current SEC administration have not only failed to uphold the founding principles of the agency, but have also caused significant harm to American consumers and the crypto industry, including Binance.US,' he said.
Despite these setbacks, Reed expressed confidence in the company's ability to persevere. 'But at the end of the day, I find comfort in knowing these facts: We have survived the SEC's overreach.' He also noted: 'Revealingly, the SEC has presented no evidence of wrongdoing to date, despite maintaining close oversight of the company.'
Looking to the future, Reed expressed optimism for the platform's future, noting the potential for regulatory improvements under the new SEC leadership. He emphasized:
Meanwhile, we welcome a clear and practical regulatory framework for digital assets in the U.S. I hope that Paul Atkins' nomination as the next SEC Chairman brings us one step closer to this reality.
'To be clear, the fight is not over. Now that we have survived, our goal is to help cryptocurrencies thrive and empower all Americans with freedom of choice. We look forward to writing this next chapter together with our community,' he clarified.
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