The crypto market will see a new all-time high in 2025 thanks to positive regulatory moves in the United States under new President Donald Trump, Binance CEO told CNBC on Tuesday.
Richard Teng, who took over from former Binance boss Changpeng Zhao last year, told CNBC’s Arjun Kharpal that he sees “much clearer regulation” in the United States this year under the new Trump administration, adding that this would support crypto markets.
“If you look at past cycles, this year will be the one where we see a new all-time high for the crypto industry,” Teng said during a fireside chat at the World Economic Forum in Davos, Switzerland.
Bitcoin surpassed the $100,000 mark for the first time last year as traders became optimistic about the crypto industry’s prospects under the Trump administration. As of Tuesday, the token was trading at nearly $104,000, according to CoinGecko, down 3% over the past 24 hours amid a sharp decline in crypto markets.
“The narrative (around crypto) has changed dramatically” since last year, Teng added, noting that he has heard positive sentiments about crypto expressed by political and business leaders since arriving in Davos.
Regarding the new legislation, Teng said he expects to see progress in the United States on several fronts, including token issuance, trading and asset management.
Trump is not the only key US political figure who is “pro-crypto”, Teng said, adding: “The House of Representatives and the Senate are now pro-crypto, compared to the past.”
“So, legislation will be passed, pro-crypto regulators will be appointed to key commissioner positions within the SEC and CFTC,” the Binance CEO said.
Trump chose respected Washington lawyer Paul Atkins to lead the Securities and Exchange Commission, which has already been aggressive in its enforcement approach to the crypto industry.
Teng also expects Trump to give the crypto industry “certainty” and “recognition,” as well as establish a strategic bitcoin reserve in the United States – something the current president has suggested he would do during his campaign.
Clarification: The text and title of this article have been clarified to reflect that Binance CEO Richard Teng has stated that the crypto market will reach a new all-time high in 2025.
