Crypto Isn’t Going Anywhere: Industry Leaders Optimistic Despite Binance Crackdown

Fredrik Vold
Last updated: | 1 min read
A woman standing triumphantly on top of a mountain
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Following Binance’s massive $4.3 billion fine and founder and CEO Changpeng “CZ” Zhao’s decision on Tuesday to step down from the company, industry leaders have been reassuring the community that crypto is here to stay, and that it’s likely to come out even stronger.

Among those who have shared their thoughts on the dramatic events is Coinbase’s Chief Legal Officer, Paul Grewal, who said on social media platform X that he sees Binance’s settlement as a catalyst for proactive regulation and clear laws governing crypto.

Grewal pointed to the resilience of the crypto market, saying “crypto isn’t going anywhere,” and instead stressed the need for sensible regulation to ensure secure domestic crypto services will still exist in the future for American consumers.

Coinbase CEO Brian Armstrong echoed the sentiment, saying on the same platform that Coinbase will continue to operate as a crypto exchange in the US.

He added that the news is a chance to turn a new chapter for the industry, and, like Grewal, emphasized the importance of regulatory clarity.

Despite the optimistic tone set by the Coinbase executives, some also used the occasion to criticize the crypto industry:

Despite varying opinions, many crypto enthusiasts believe that Binance’s shakeup will ultimately benefit the industry.

Ryan Selkis, founder and CEO of Messari Crypto, described Binance’s settlement as a “derisking” for the exchange, calling it “one of the biggest catalysts we could have in crypto.”

Others offered more humorous takes, with for instance the well-known venture investor and podcast host Jason Calacanis making a joke about CZ’s tweet where he said he might “coach/mentor” startup entrepreneurs now that he is done as CEO of Binance.

“Crypto folks are built different,” Calacanis said.