The crypto market will see a new all-time high in 2025 on the back of positive regulatory movements in the U.S. under newly inaugurated President Donald Trump, the CEO of Binance told CNBC Tuesday.
Richard Teng, who took the reins from former Binance boss Changpeng Zhao last year, told CNBC’s Arjun Kharpal that he sees “much clearer regulation” happening in the U.S. this year under the new Trump administration, adding this will be supportive for crypto markets.
“If you look at past cycles, this year will be a year that we see a new all-time high for the crypto industry,” Teng said in a fireside chat at the World Economic Forum in Davos, Switzerland.
Bitcoin passed the $100,000 price milestone for the first time last year, as traders grew optimistic about the crypto industry’s prospects under a Trump administration. As of Tuesday, the token was trading near $104,000, according to CoinGecko, down 3% in the last 24 hours amid a broad slump in crypto markets.
“The narrative [around crypto] has shifted quite drastically” since last year, Teng added, noting he’s been hearing positive crypto sentiments expressed by political and corporate leaders since arriving in Davos.
In terms of new legislation, Teng said that he expects to see progress in the United States on several fronts, including token issuance, trading and asset management.
Trump isn’t the only key U.S. political figure who is “pro-crypto,” Teng said, adding: “The House of Representatives and the Senate now [are] pro-crypto, compared to the past.”
“So, legislation will be passed, you have pro-crypto regulators being appointed to key commissioner roles in the SEC and CFTC,” Binance’s CEO said.
Trump picked respected Washington lawyer Paul Atkins to lead the Securities and Exchange Commission, which has previously been aggressive in its enforcement approach to the crypto industry
Teng is also expecting Trump to give the crypto sector “certainty” and “recognition,” as well as establish a U.S. strategic bitcoin reserve — something the now-president suggested he’d do during his campaign.
Clarification: The text and headline of this story have been clarified to reflect that Binance CEO Richard Teng said the crypto market will hit a new all-time high in 2025.
