CZ Washington Dialogue: Crypto Entrepreneurs are Accelerating Their Return to the United States

Author | DC Blockchain Summit

Compiled by | Wu Says Blockchain

In a connected interview at the DC Blockchain Summit, Binance founder CZ and The Digital Chamber founder and chair Perianne Boring reviewed the development of the cryptocurrency industry over the past decade: from being overlooked in its early days, to facing strong regulation and public pressure, to now gradually gaining regulatory clarity in the U.S., institutional adoption, and mainstream recognition. He discussed how his upcoming memoir reflects his personal experiences alongside the growth trajectory of the cryptocurrency industry, emphasizing that technological innovation will ultimately drive the industry into the mainstream.

The interview also focused on media narratives and legal controversies. CZ believes that some traditional media (such as The Wall Street Journal) have long provided one-sided or even inaccurate reports about him, Binance, and the cryptocurrency industry, while a recent U.S. federal court dismissal of related lawsuits shows that the judicial system relies more on evidence than public opinion. When discussing the prospects of the U.S. market, he affirmed the current government's support for the cryptocurrency industry and pointed out that if the U.S. wants to truly become the "global crypto capital," it needs not only a friendly policy environment but also more robust market competition, lower trading costs, and a stronger liquidity foundation.

The audio transcription was completed by GPT and may contain errors; please watch the original video on YT.

Reviewing the Development of the Digital Asset Industry Over the Past Decade

Perianne: In a sense, I feel that some of the challenges we aimed to solve back then still exist today. Nevertheless, especially in Washington, we have indeed made a lot of progress. Reflecting on the development of the digital asset industry over the past 10, 12, or 15 years, what are your feelings? How would you measure the success of this industry, and how far have we really come?

CZ: Of course. I have indeed done a lot of reflection recently because I have been writing that "torturous" book, which is expected to be published in a few weeks. I think we probably met about 12 or 13 years ago.

I also clearly remember your speech at the 2014 Chicago Bitcoin Conference, where you spoke in the session before mine about BitLicense. That topic was very hot at the time, and by the time I got on stage, almost all the audience had been drawn to you. I remember that scene very clearly.

Back then, an industry conference had about 200 people; today, depending on the venue, conferences can easily reach 5,000 or even 10,000 attendees.

At that time, Vitalik was only 19 years old and was just talking about Ethereum. Now, Ethereum has grown into an asset worth hundreds of billions of dollars. So in my memory, this industry has indeed come a long way from around 2013 to now.

In the first five years, we were basically ignored; in the next five years, we faced a lot of resistance, and there were indeed many forces opposing us. And now, we are finally starting to be accepted.

Today we see that the U.S. is leading the world in cryptocurrency regulation, and policy clarity is improving day by day. Just in the past few days, we have seen the U.S. SEC release more clear signals. This is a tremendous progress.

So now, we are finally moving towards the mainstream, and institutional adoption is continuously increasing. This process is certainly full of ups and downs, but the industry has indeed made it to today.

Writing a Book in Prison: CZ Wants the Outside World to See the Real Him

Perianne: There is no doubt about that. Especially just yesterday on this stage, we heard news about progress in the regulatory environment, which is very encouraging. Only by establishing a clear legal framework can businesses truly operate and develop in the U.S. market, and investors can participate in investments with more peace of mind.

You just mentioned your book. That is not a "stupid book." I know it is about to be published soon, and you generously gave me an advance copy, which I have already read. It is a memoir, and I must say, it is truly an incredible and captivating story.

Although I have known you for many years, I have gained a deeper understanding of you through this book. You shared many personal life experiences, showing me that you have faced many difficulties both personally and professionally. What touched me the most is that no matter what you went through, you always maintained your principles and did not lose your true self. You have always impressed me as a very genuine person who does not put on a facade for anyone.

Whether before Binance, before Bitcoin and the cryptocurrency industry, or up to today, you have always been the same CZ. So why did you decide to write this book? Please share more with us about the motivation behind this book and what kind of you you hope people will understand through it?

CZ: Of course. I started writing this book while I was in prison. At that time, I had nothing much to do, and I thought that writing a book would at least give me something to work on.

But at the same time, I also began to seriously reflect on my life. I am actually just an ordinary person, but my life experiences have indeed been quite special in a rollercoaster way.

I came from a rural area in China and later built one of the world's leading cryptocurrency technology companies. There is certainly an element of luck involved, along with a lot of hard work, but ultimately, I am still an ordinary person. I worked at McDonald's flipping burgers when I was 14, earning 4.5 Canadian dollars an hour. So I have always felt that anyone can walk the path I have walked and can achieve what I have achieved.

Through this book, I hope to first let people understand me better; second, I hope to inspire more entrepreneurs, especially young entrepreneurs, with some courage and insights from my experiences. So what I want to express is that I am an ordinary person, but my story may not be so ordinary.

Why Negative Narratives About Crypto Have Never Stopped

Perianne: This is indeed an extraordinary precedent. You have come from a rural area in China, with a very ordinary background, and ultimately founded, launched, and successfully operated one of the largest companies in the industry. This is very inspiring. I believe that such stories will continue to touch many people for many years to come and will inspire children around the world to understand that as long as they work hard, have determination, and value education, they can achieve many remarkable things and change their destinies. I think you embody that spirit.

Moreover, I believe your personal experiences also reflect the development of the cryptocurrency industry, Bitcoin, and digital assets very well. We all come from very early, very inconspicuous stages. You and I have both experienced those early days of the industry. When the entire asset class was just starting, it faced a lot of scrutiny and skepticism. That is also why we established the Digital Chamber back then, because there were many concerns, criticisms, and regulatory actions surrounding this field, and many forces wanted to stifle Bitcoin.

The reason I specifically mention Bitcoin is that at that time, there was almost only Bitcoin. There was no later boom of these crypto assets and other digital assets. Everything started from there. It is just that today we have become a larger community.

But one of the core issues we wanted to solve back then was that after the Silk Road and Mt. Gox incidents, the media kept claiming that "Bitcoin is dead." But it did not die. Even today, they are still saying that, which is obviously chaotic, incorrect, and not factual. At the same time, the media continues to shape a narrative that this technology is only suitable for illegal financial activities, as if it is the currency of choice for criminals. And these arguments still recur today.

So let's talk about the media and today's news headlines. Many headlines are almost identical to what we saw 10 or 12 years ago, still following the same patterns and narratives.

I personally believe that there are clearly people deliberately pushing a specific narrative, intentionally creating misinformation, with the aim of slowing down the development of this industry and suppressing innovation in the digital asset space. Even today, despite seeing a congressional environment that supports the cryptocurrency industry, and even the emergence of the first president in U.S. history to openly support the cryptocurrency industry, there are still strong forces trying to suppress this industry, a significant part of which occurs at the media level.

Moreover, many attacks are focused on you. Of course, it is not just you; others are the same. But as someone who has known you for a long time, I feel a strong sense of dissonance when I see many of the statements made about you, because I know that much of it is simply inaccurate. What do you think is the biggest misunderstanding the media has about you? For those who have not had the opportunity to interact with you and have not truly taken the time to understand you, what do you think they misunderstand the most about you?

CZ: Of course. First of all, I think the media itself is also divided. The cryptocurrency media actually understands me because I spend a lot of time communicating on Twitter. But I do not engage enough with traditional media, which may be one reason for the misunderstandings.

We all know that there are one or two traditional media reporters whose career paths seem to revolve around continuously writing negative reports about the cryptocurrency industry, about me, and about Binance, and they even write about the current government because it supports the cryptocurrency industry. I do not participate much in U.S. politics, but we have indeed seen multiple times that someone has publicly initiated a so-called "war on the cryptocurrency industry." In my view, there are clearly partisan factors involved. The U.S. political system is essentially a struggle between two opposing forces, so one side will instinctively attack what the other side supports.

Moreover, at this stage, the negative narratives surrounding the cryptocurrency industry have actually become more complex. I have heard some claims, such as that some domestic participants in the U.S. may be worried that Binance's entry into the U.S. will bring competition, so they will push some opposing voices behind the scenes. At the same time, they are also influenced by lobbying from traditional banking sectors, such as issues surrounding stablecoin interest rates. There are many different stakeholders intertwined in this, creating various media narrative angles.

I am not a media expert, but I have always focused more on the technology itself. I believe we have seen very clearly that this technology is revolutionary and will become a very fundamental part of the future. So no matter what the media says, I think they have misjudged many things for various reasons.

For me, I have indeed not spent enough time communicating with traditional media, and perhaps in the future, that is something I should do more. But that is not my expertise. My expertise has always been in building platforms that people actually use. Now, although I no longer manage Binance, I am helping more entrepreneurs do similar things through investments, mentoring, and other means, which is what I am mainly focused on.

As for media narratives, I believe they will ultimately change over time. Especially with the continued popularization of the cryptocurrency industry, it is only a matter of time before cryptocurrency becomes mainstream. At that point, other things will become marginal, and the narrative will naturally have to change.

CZ: Many Statements About Me Are Simply Not True

Perianne: I think you should perhaps spend a bit more time communicating with those reporters who always focus on you and often write things that I know are not true. Anyone who has truly spent time with you can clearly feel that you are not only very generous but also a very kind person.

I remember a small detail from these years. Once, I saw you at an event, and there was someone standing next to you when suddenly a gust of wind blew the plastic piece off the lid of his coffee cup, first hitting you and then falling to the ground. So there was a piece of someone else's litter in front of you. But you still deliberately bent down to pick up that piece of litter and helped to dispose of it, all while smiling, very naturally and gently.

I think this really reflects your character. How a person behaves in the face of the most ordinary daily matters and how they treat ordinary people around them often indicates how they handle things in their professional and personal lives. I believe this is precisely the aspect of your personal image that is most easily misunderstood by the outside world.

CZ: Thank you for remembering such small details. I have a vague impression of it, but I can no longer recall exactly which event it was. But I appreciate you bringing it up.

Returning to your earlier question, I actually almost forgot the main point. Many of the statements the media makes about me are completely inaccurate.

For example, Forbes tries to portray me as someone who has become wealthier over the past six months, but that is simply impossible. I do not even know how they calculated that.

Then there are reports from The Wall Street Journal that describe me as if I am trying to assist in Iran-related terrorist financing activities. I have absolutely no interest in that. I currently live in a country that is being attacked by Iran, and that statement itself is very absurd. Not to mention that even before this, I would never have been interested in such matters.

And I can say very clearly that no exchange or any normal business would be willing to get involved in such things because there is simply no benefit. It is just a bit of trading fees, but it is not worth it at all.

So the logic behind these narratives is basically the same: they seize on any negative point and try to launch an attack. There are indeed many misunderstandings in the outside world. As for the motives behind these attacks, I can understand to some extent because different people have different positions and purposes.

But the problem is that the way they launch attacks is often based on completely erroneous and unfounded information. I hope this situation will slowly change in the future.

However, I believe that the truth will eventually come to light. We have already seen that the truth will be presented in court through evidence, and what they rely on is not evidence. This process is already happening.

Judicial Rulings Reflecting Unjust Media Accusations

Perianne: Let's talk about this, and thank you for bringing it up. All along, the core narrative from the outside regarding this technology and the entire industry has been that the only use of Bitcoin and cryptocurrency technology is as a tool for illegal financial activities. Nowadays, this narrative is also being projected onto you personally and the company you founded, such as Binance. Recently, there have been many related accusations in the media.

But as you just mentioned, these matters have actually entered the court process. Why don't you talk about the situation of these cases? You have recently achieved very important victories. I also find it a bit strange that those media and reporters who have been highly focused on you, Binance, and the so-called "illegal finance" issues always report extensively when negative narratives arise; but once you or Binance make progress in a case, they suddenly go silent and completely fail to update the follow-up.

And these developments are actually very critical but have hardly been widely reported. So why don't you directly tell everyone what is happening now? Because from the court's perspective, judgments based on facts and evidence clearly do not always align with the image the media tries to shape about you and Binance.

CZ: Of course. First, let me clarify that I am not a lawyer, so what I am about to say may not be legally precise, but it is based on my personal understanding.

I, along with Binance, and sometimes including Binance US, have been sued together, with the related accusations concerning terrorist financing. The opposing party usually lists us three as defendants. I remember these types of cases belong to ATA cases, which are lawsuits related to anti-terrorism. They try to link these cases to my guilty plea agreement with the U.S. government in 2023, while also piecing together some media content to construct the narrative they want.

But the court ultimately relies on evidence. Just in the past two weeks, two federal courts in the U.S. dismissed these cases. The judges' general sentiment was that the opposing party submitted a lengthy 900-page document, but there was no real evidence in it. I remember the court used phrases like "long and unnecessary." In other words, the opposing party just wrote 900 pages and over 3,000 paragraphs, trying to reinforce their argument by piling on content, but they did not present substantial evidence.

So to be honest, I am very grateful for the U.S. court system. I believe the U.S. judicial system is overall well-designed; it is independent and values evidence. The media can certainly write various negative narratives, but the court looks at evidence, and ultimately, the court has dismissed these cases twice. This has already happened in two different courts in the U.S. in the past two weeks, which itself speaks volumes.

But as you said, mainstream media has hardly reported on this. From this, you can see how obvious their bias is.

For me, this matter is already very clear. I just hope more people can see this. Unfortunately, there are still quite a few people who only look at what I call traditional media, and this indeed affects their perception and judgment of us. This is quite regrettable. We can only continue to make more efforts to correct these biases.

The Key to U.S. Crypto Competitiveness: Competition, Liquidity, and Infrastructure

Perianne: Yes, I think what you just said is quite restrained and tolerant. However, I agree with your assessment. We are now in the U.S., attending the DC Blockchain Summit, and the core theme of this event is, of course, the changes in policy and regulatory frameworks. I know you are not very willing to comment on U.S. politics, but the U.S. clearly wants to become the "global crypto capital," which is also the direction promoted by the current government. You have previously publicly expressed support for this goal.

So what does the U.S. need to do to maintain competitiveness in this field? In recent years, there have been many forces trying to push this industry out of the U.S. and force it to move overseas, and they have indeed succeeded to some extent. So how should we maintain a competitive environment that encourages digital asset investors and businesses to continue operating and developing in the U.S.?

CZ: Of course. First of all, I think the current U.S. government has actually done very well. As you said, the previous government basically pushed many entrepreneurs, startups, and innovators out of the U.S. I have seen many people go to the UAE, such as Abu Dhabi and Dubai, and some have gone to Singapore, even to Hong Kong and other places around the world.

But recently, we have started to see a trend reversal: these entrepreneurs are returning to the U.S.

Now, the U.S. is attracting talent back. The U.S. has always had a very strong foundation for innovation, whether it is venture capital, Silicon Valley, the New York financial system, or Wall Street's reserve of financial and technical talent, as well as industrial capital and financing capabilities; the U.S. has these natural advantages.

Moreover, I feel that the current policy environment in the U.S. is quite positive, even more positive than I expected. Frankly, if it were two or three years ago, I would never have thought that the U.S. could become so supportive of the cryptocurrency industry in such a short time.

But if I were to be more direct, I believe the U.S. still needs more competition.

The U.S. is built on capitalist principles, and the core of capitalism is free markets and free competition. I recently spoke with some very important, influential, and smart people in the U.S., and I strongly agree with a statement: competition is the best consumer protection. This is also beneficial for the U.S.

If I look at it purely from the perspective of a trading platform operator, the trading fees on U.S. exchanges are still too high. This actually means that U.S. consumers do not get as good prices as those in the international market. Because of this, I also believe that the current main liquidity pool is not in the U.S.

But if you look at traditional markets, such as stocks, futures, and foreign exchange, the largest liquidity is usually in the U.S. So it is quite strange that the largest liquidity pool in the cryptocurrency industry is not in the U.S. I think this is part of what the U.S. currently lacks.

Even looking at other industries is the same. For example, in the internet and e-commerce sectors, companies like Amazon often provide the best prices in the U.S. market, and the price experience in other regions usually does not surpass that of the U.S. Only in the cryptocurrency industry do U.S. consumers not have the opportunity to obtain the best global prices. I believe this is actually a very easy issue to correct.

The U.S. has a large number of institutional investors, ample funds, and a strong capital base, making it fully capable of becoming the world's largest liquidity center. Especially with the current policies gradually taking shape, I believe this will happen sooner or later. However, at present, the U.S. market still lacks some truly sufficient competition.

Perianne: Exactly. If the U.S. wants to become the global crypto capital, it must have the best infrastructure in the world. And this also means that the U.S. needs to collaborate with the best and largest companies globally to ensure that this infrastructure can truly serve American retail investors, American institutional investors, and domestic cryptocurrency enterprises.