“We are very grateful to Chairman Perkins, President Trump, and the Trump administration for choosing to really support and foster innovation rather than stifling it, for choosing a very considerate and thoughtful approach in terms of crypto formulation and regulation,” Teng said.
“This is a significant win for us as a company,” he added. “For the industry as a whole as well. The U.S. is in the driver’s seat to become the crypto hub of the world.”
The SEC originally accused the crypto company and Zhao of violating a slew of federal securities laws, claiming they were “engaged in an extensive web of deception.” However, U.S. President Donald Trump has since called for a regulatory reversal in the sector, replacing former SEC head Gary Gensler with former commissioner Paul Atkins.
Teng’s comments come just days after the SEC, Binance, and its founder Changpeng ‘CZ’ Zhao filed a joint motion on May 29 to dismiss the regulator’s June 2023 complaint.