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Richard Tang, CEO of Binance, stated on May 27 that clear regulations could potentially stimulate mass adoption of cryptocurrency. He added that politicians who understand this simple concept will ultimately shape the next decade of finance.
The head of Binance has long believed that two elements are necessary for the global adoption of cryptocurrency. First, Tang pointed to the need for greater clarity in regulation for mass adoption.
He stated that people need to understand that regulators are critical of this space so that they can feel sufficiently protected, thereby facilitating greater acceptance. Tang also emphasized the growing trend of global politicians aligning frameworks for digital assets, especially considering that U.S. politicians, including President Trump, have advocated for clearer regulation of cryptocurrency.
Secondly, he believes that price movement will be extremely volatile without institutional investors. Institutions have provided more users and investors with a different time horizon for buying and holding. Ideally, price movement will become less volatile, and market capitalization will increase significantly over time.
Tang presented an interesting point of view, suggesting that other countries will follow suit if the U.S. accepts cryptocurrency through clear and supportive laws. However, he noted that this domino effect is not guaranteed, although the influence of the U.S. cannot be overstated. Tang said that global pressure from regulators is not a threat but a sign of the industry's maturity.
The head of Binance claimed that the coming years promise transformation as the crypto industry witnesses this domino effect and changes the future of finance and technology. Tang highlighted Binance's efforts to directly collaborate with the Kingdom of Bhutan as one example of how citizens can use cryptocurrency to pay for flights, meals, and tourist services.
Tang indicated that these strategic alliances are part of Binance's broader efforts to ensure transparency, stability, and infrastructure for retail and institutional investors. He also stated that more precise regulation is key to unlocking institutional investment in cryptocurrency and that his company supports governments in creating Bitcoin reserves and long-term cryptocurrency strategies.
The Binance team stated that better regulation and clarity are the best ways to scale cryptocurrency for institutional and retail adoption. The team also stated that the crypto industry is entering a new era where regulation stimulates growth rather than hinders it.
The team has sought full cooperation with governments around the world. It noted that such cooperation reflects global requirements for cryptocurrency regulation and compliance. Tang also discussed global expansion and acknowledged that some countries in the Middle East and Europe have already embraced cryptocurrency with better regulation, such as the MiCA legislation in the Eurozone.
Tang argued that increased awareness of cryptocurrency will lead many people and institutions to embrace this industry, citing Standard Chartered's move as evidence that supports his view. The multinational lender announced at the end of March its partnership with other firms to issue a stablecoin pegged to the Hong Kong dollar.
Tang said that Standard Chartered was the first traditional financial institution to accept stablecoins as a currency for remittances because it made sense.
Minting and sending stablecoins were efficient, cost-effective, and instant, solving many problems. Tang believes that such utility will encourage other financial institutions to try other use cases for cryptocurrency. However, he acknowledged that there are still many issues to be resolved before global acceptance of cryptocurrency.
$BNB , $SUI , $TON
#MarketRebound
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Well, regarding what Tang said in the news - Cryptopolitan_News, I think it is clear to many!!!
But we are more interested in what he didn't talk about:
For example, why did the staking interest rate on Binance drop by several times after the departure of Changpeng Zhao and his replacement by Tang, with more active support for regulatory requirements for crypto from Binance ... ?!?! and so on. 🙄
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