Binance CEO Richard Teng on Thursday expressed optimism that the pro-cryptocurrency policies introduced by U.S. President Donald Trump will inspire a wave of similar regulatory shifts worldwide.

What Happened: Speaking at the CONVERGE LIVE event in Singapore on Thursday, Teng highlighted a dramatic change in the global financial landscape, noting that the United States, the world's largest economy, is now openly supporting digital currencies after years of regulatory uncertainty and skepticism under the previous administration.

This shift, he argued, marks a turning point for an industry that faced significant challenges during Joe Biden's tenure.

Teng, joined by HashKey Capital CEO Chao Deng at the event, praised the current U.S. leadership, suggesting that industry players overwhelmingly favor Trump's approach over the stricter oversight of the past.

Deng echoed this sentiment, pointing out that Donald Trump's policies are fueling a surge in both institutional and retail engagement with crypto assets, a trend he sees gaining momentum.

The discussion followed Trump's recent executive order to create a national cryptocurrency reserve, utilizing assets confiscated through legal proceedings, which he detailed in a Truth Social post.

The reserve will be Bitcoin-only, with Ethereum ETH/USD, XRP XRP/USD, Solana SOL/USD, and Cardano ADA/USD compiling a digital assets stockpile, a move Teng described as a groundbreaking development.

"This signals that the biggest global market is embracing Bitcoin in its reserves, prompting other nations to reconsider their own crypto strategies," Teng said.

Also Read: Binance Secures $2 Billion Investment From Abu Dhabi MGX – Benzinga

Why It Matters: Despite the announcement, Bitcoin BTC/USD and other digital currencies have experienced a price dip, driven by underwhelming details of the reserve plan and broader concerns over Trump's proposed tariffs.

Teng, however, dismissed this downturn as a temporary adjustment, likening it to natural fluctuations in traditional markets influenced by economic conditions.

He remains confident in the long-term prospects, citing Washington's growing acceptance of digital assets and Trump's appointment of crypto advocates, including venture capitalist David Sacks as the White House's AI and crypto czar, as key growth factors.

Teng also addressed past regulatory hurdles, alleging that the Biden era saw an initiative dubbed "Operation Choke Point 2.0," where regulators allegedly pressured banks to cut ties with crypto firms.

He criticized the previous "enforcement-only" regulatory style, which he said stifled industry growth.

Deng supported this view, emphasizing that the restoration of banking services for crypto businesses under Trump represents a major breakthrough.

"Allowing banks to engage with the crypto and Web3 sectors is a critical advancement, making financial institutions more willing to partner with these clients," Deng noted, pointing toward the policy's potential to reshape the industry's infrastructure.

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