Binance's CEO Richard Teng Says Trump's Bitcoin Reserve Could Encourage World Regulators to Follow Suit

Richard Teng was speaking on a panel at CONVERGE LIVE in Singapore when he made his comments reports CNBC. Speaking, Teng said:

Binance CEO Richard Teng has said that US President Donald Trump’s pro-crypto shift could encourage world regulators to follow suit.

Speaking on a panel at CONVERGE LIVE in Singapore, Teng made his comments as Trump signed an executive order last week establishing a Strategic Bitcoin Reserve and a Digital Asset Stockpile.

Before signing the order, Trump posted on Truth Social that Bitcoin, Ethereum, XRP, Solana's SOL, and Cardano's ADA tokens would be included.

Trump’s Bitcoin reserve

Teng described the move as a “landmark” moment and highlighted the messaging of the largest government and the biggest capital market in the world investing in Bitcoin.

This, he said, would cause many other governments to "think through the issue, to sit up to say, should we start doing allocation into crypto and Bitcoin?"

Earlier this week, EU ministers voiced their concerns over the bitcoin reserve, with many worried that it could affect monetary sovereignty and financial stability in the euro zone.

The ministers discussed recent developments in the US on crypto.

Speaking at a news conference after the meeting, chair of the ministers Paschal Donohoe said that policy developments in other jurisdictions can have "important consequences" for Europe.

He added that the creation of a digital euro by the European Central Bank (ECB) was important to stay ahead of the curve.

Crypto prices fall

Since the announcement of the Strategic Bitcoin Reserve, crypto prices across the board have fallen.

Following the news, bitcoin dropped to $84,000. Solana fell by 5%, falling to $142 per token.

At its lowest point this week, bitcoin dropped to $76,000 after Trump failed to rule out the possibility of a recession.

At the time of publishing, bitcoin is trading around $81,000.