Summary
- Changpeng Zhao, founder of Binance, expressed a positive view on the Trump Administration's push for an executive order prohibiting financial discrimination against virtual assets.
- Zhao stressed that as a result of this move, major banks will no longer be able to ignore virtual asset companies, and that the influx of institutional funds will begin in earnest.
- Investor Paul Barron assessed this executive order as the greatest institutional advancement since the approval of the Bitcoin ETF.
Changpeng Zhao, founder of Binance, expressed a positive stance on the US White House's move to implement an executive order prohibiting financial discrimination against virtual asset (cryptocurrency) companies.
According to BeInCrypto, Zhao commented on the Trump Administration's ongoing executive order regarding virtual assets, stating, "Now, no large bank can afford to ignore virtual asset firms," and emphasized, "this will open the floodgates for institutional funds."
Previously, it was reported that the Trump Administration is preparing a draft executive order to address the issue of 'debanking' targeting digital asset companies. The draft reportedly includes measures to prevent banks from excluding certain industries, such as the virtual asset sector, using 'customer reputation risk' as a reason.
Investor Paul Barron also remarked, "This is the most significant institutional development since the approval of the Bitcoin ETF," and judged that "all major banks will be in a position where they have no choice but to accept crypto firms."
Meanwhile, this executive order is still in draft stage and could be signed as early as this week, though the timeline remains flexible.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
