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Changpeng Zhao (widely known in the community as CZ), a Binance cofounder and its former chief executive, has reacted to a statement about top U.S. tech companies, their initiatives to go digital and SEC regulatory reach made by Senator Elizabeth Warren. Senator Warren is well known in the crypto community for her anti-crypto stance.
CZ speaks out against anti-crypto Sen. Warren's concerns
CZ cited a tweet that showed a recent public statement made by Warren to journalists. She once again said that crypto is going to ruin the entire U.S. economy. However, she also added that she is strongly against any company that is trading on the New York Stock Exchange (NYSE) putting itself on the blockchain to go digital because, this way, these companies can get from under the SEC regulation.
In particular, she named two of the largest tech giants based in the U.S. - Amazon and Meta - adding General Motors as an example. If companies like this are no longer controlled by SEC regulation, this will “blow up the value of the New York Stock Exchange.”
Quoting that tweet, CZ assumed that Warren’s concerns and potential regulatory actions, if they follow, will limit U.S. companies allegedly “to protect the US economy/NSYE.”
CZ stressed that he does not oppose or criticize the NSYE, however, he said: “It's just one company, fully owned by ICE, market cap: ~$100 billion.” Meanwhile, Amazon has a market cap of $2.40 trillion. The influencer added that the NYSE does not constitute the entire U.S. economy but rather “all companies = economy.”
CZ's surprising comment on new Bitcoin ATH
Earlier this week, Zhao shared his take on the most recent Bitcoin all-time high above the $123,000 level. As Bitcoin soared there from slightly above $119,000, CZ recalled a personal story that happened many years ago.
He first bought Bitcoin in 2014 and then had to wait for three years for it to reach a historic peak of $1,000. Everyone was excited then, he recalled. However, he added, now $1,000 is just less than 1% of the current ATH. He warned that in the future, this will repeat, and the current ATH will be just a fraction of those that will follow.
Vladislav Sopov
U.Today Editorial Team