Binance CEO Richard Teng is calling the United States Securities and Exchange Commission’s (SEC) dismissal of its lawsuit against the crypto exchange a “significant win” for the digital asset organization in a new interview with CNBC on Monday.
Justin Sun Speaks on Case Dismissal
Appearing on CNBC’s Squawk Box, Teng took time to celebrate the federal regulator’s decision to drop its long-running litigation against Binance just last week.
“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 Shifts Course
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.
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.
The federal regulator has rolled back several lawsuits against key players in the crypto sector in recent months, including Coinbase, OpenSea, and Tron founder Justin Sun.
The SEC has also established a Crypto Task Force led by Commissioner Hester Peirce in a bid to develop “comprehensive and clear” crypto regulations.
“The members of the Crypto Task Force look forward to engaging with members of the public on these issues through meetings, information requests, and roundtable discussions,” the SEC said.
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