Original video title: DC Blockchain Summit 2026 Day 2
Original video source: DC Blockchain Summit
Original text compiled by: Wu Says Blockchain
In the online interview at the DC Blockchain Summit, Binance founder CZ and The Digital Chamber founder and chairperson Perianne Boring reviewed the development trajectory of the cryptocurrency industry over the past decade: From early neglect, to strong regulation and public scrutiny, to gradually gaining regulatory clarity, institutional adoption, and mainstream recognition in the U.S. He reflected on how his upcoming memoir is intertwined with his personal experiences and the growth trajectory of the crypto industry and emphasized that technological innovation will ultimately drive the industry into the mainstream.
The interview also focused on media narratives and legal disputes. CZ believes that some traditional media (like The Wall Street Journal) have long provided biased or inaccurate reports about himself, Binance, and the crypto industry. Recently, a federal court in the U.S. dismissed related lawsuits, indicating that the judicial system relies more on evidence than public opinion. When discussing the outlook for the U.S. market, he affirmed the current government's support for the crypto industry and pointed out that if America truly wants to become the "global crypto capital," it needs not only a friendly policy environment but also more robust market competition, lower transaction costs, and a stronger liquidity base.
PS: The audio transcription was done by GPT and may contain errors. Please watch the original video on YT. (Starts at 56:48)
Review of the Development of the Digital Asset Industry Over the Past Decade
Perianne: In some sense, I feel that some challenges we aimed to solve back in the day still exist today. Even so, especially in Washington, we have indeed made significant progress. Reflecting on the development of the digital asset industry over the past 10, 12, or 15 years, what are your thoughts? How would you measure the success of this industry, and how far have we really come?
CZ: Certainly. I have indeed done a lot of reflection and review lately because I've 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, during the 2014 Chicago Bitcoin Conference, when you spoke at a forum in the session before mine, discussing BitLicense. That topic was very hot at the time, and when I got on stage, almost all of the audience had been drawn to you. I vividly remember that scene.
At that time, an industry conference usually had about 200 people; but today, depending on the location, the scale of the conference can easily reach 5,000 or even more than 10,000 people.
At that time, Vitalik was only 19 and was still just discussing Ethereum. Today, Ethereum has grown into an asset with a market cap in the 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 largely ignored; in the next five years, we faced a lot of resistance, with many forces opposing us. And now, we are finally beginning to be accepted.
Now, we see that the U.S. is leading the world in crypto regulation, and policy clarity is improving day by day. Just in the past few days, we've also seen more clear signals from the U.S. SEC. This is a significant advancement.
So now, we are finally moving toward the mainstream, with institutional adoption 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 World to See the Real Him
Perianne: There’s no doubt about that. Especially yesterday, right here on this stage, we heard news about advances in the regulatory environment, which is very exciting for us. Only with a clear legal framework can businesses truly operate and grow in the U.S. market, allowing investors to participate with greater peace of mind.
You just mentioned your book. It’s not exactly a "dumb book." I know it will be published soon, and you generously provided me with an early copy, which I have read. It’s a memoir, and I must say that it's an incredibly captivating story that is very engaging to read.
Even though I have known you for many years, I gained a deeper understanding of you through this book. You shared many personal life experiences, making me see that you have faced quite a few difficulties both personally and professionally. What moved me the most is that regardless of what you've experienced, you have always maintained your principles and never lost your true self. My impression of you has always been of a very genuine person who doesn’t put on a facade for anyone. Whether before Binance, before Bitcoin and the crypto industry, or up to today, you have always been the same CZ. So why did you decide to write this book? Please share a bit more about the motivation behind creating this book. What do you hope people will understand about you through it?
CZ: Of course. I started writing this book while I was in prison. At that time, I had nothing much to do, so I thought that writing the book would at least give me something to do.
At the same time, I also began to seriously reflect on my life. I am just a very ordinary person; my life experiences, however, have indeed been quite extraordinary in a way akin to a roller coaster.
I came from a rural area in China and eventually built one of the world’s leading crypto technology companies. There is certainly an element of luck in this journey, along with a lot of effort, but at the end of the day, I am still an ordinary person. I worked flipping burgers at McDonald's at the age of 14, earning 4.5 Canadian dollars an hour. So I have always felt that anyone can walk the path I walked or achieve what I have achieved.
I hope that through this book, first, more people can understand me; second, I hope to bring some courage and experiential insights to more entrepreneurs, especially young entrepreneurs. So what I want to express is, I am an ordinary person, but my story may not be that ordinary.
Why Negative Narratives About Crypto Have Never Stopped
Perianne: This is indeed a remarkable precedent. You have come from a rural area in China, had a very ordinary background, and ultimately founded, launched, and successfully operated one of the largest companies in the industry, which is incredibly inspiring. I believe that such stories will continue to resonate with many people for years to come and inspire children around the world, helping them understand that with hard work, determination, and a focus on education, incredible things can be achieved, and they can change their destiny on their own. I think you embody that spirit.
Moreover, I believe that your personal experiences also reflect well the development trajectory of the crypto industry, Bitcoin, and digital assets. We all come from very early and unremarkable phases. You and I experienced the early days of this industry. When this entire asset class was just starting, it faced massive scrutiny and skepticism. This is why we established the Digital Chamber back then because there were many concerns, criticisms, and regulatory actions surrounding this field, with many forces attempting to squash Bitcoin.
I specifically mention Bitcoin because at that time, there was almost just Bitcoin. There wasn’t the flourishing situation of other crypto assets and digital assets that we see today. Everything started from there. It’s just that today we have become a larger community.
However, one core issue we wanted to solve back then was that after the Silk Road and Mt. Gox incidents, the media claimed constantly that "Bitcoin is dead." But it was not dead. Even to this day, they still say that, which is, of course, chaotic, incorrect, and does not reflect the truth. Meanwhile, the media continues to shape a narrative suggesting that this technology is only used for illegal financial activities and that it is the preferred currency for criminals. And these reasons still repeatedly occur 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, using the same rhetoric and narratives.
I personally believe that there are clearly some individuals who are intentionally promoting a specific narrative, deliberately creating misinformation, aiming to slow down the development of this industry and suppress innovation in the digital asset space. Even today, despite having seen a Congressional environment that supports the crypto industry, and having a bipartisan focus on crypto issues, we have also welcomed the first openly crypto-supporting president in U.S. history; yet strong forces still try to suppress this industry, a significant portion of which is happening at the media level.
Moreover, many attacks are focused on you. Of course, not just you, but others as well. But as someone who has known you for a long time, I feel a strong dissonance when I see many of the statements made about you from the outside because I know that much of what is said is simply inaccurate. What do you think is the biggest misunderstanding the media has about you? For those who haven’t had the chance to interact with you or haven’t 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 polarized. The crypto industry media actually understands me because I spend a lot of time communicating on Twitter. But I haven’t engaged enough with traditional media, which might be one of the reasons for misunderstanding.
We also all know that there are a couple of traditional media journalists whose career paths seem to revolve around continually writing negative reports about the crypto industry, about me, and about Binance, even writing about the current government because they support the crypto industry. I don't participate much in U.S. politics, but we have indeed seen multiple times that someone has publicly launched a so-called "war on the crypto industry." In my view, there are certainly partisan factors at play here. The U.S. political system is based on two opposing forces, so one side instinctively attacks things that the other side supports.
Moreover, at this stage, the negative narratives around the crypto industry have actually become more complex. I've heard some claims, such as some domestic participants being concerned that Binance’s entry into the U.S. might draw competition, so they would push some opposing voices from behind the scenes. At the same time, they are influenced by lobbying from traditional banking sectors, for example, regarding stablecoin interest rates and other issues. This intertwines various interests, creating different media narrative angles.
I am not a media expert, but I always focus more on the technology itself. I believe we can see clearly that this technology is revolutionary and will become a very fundamental part of the future. Therefore, regardless of what the media says, I believe they have misjudged many things for various reasons.
For me, I truly haven’t spent enough time communicating with traditional media, and perhaps in the future that is something I should do more. But that’s not my expertise. My expertise has always been to build platforms that people genuinely use. Now, although I no longer manage Binance, I am also helping more entrepreneurs do similar things through investments, mentorship, etc. That’s primarily what I am doing.
As for media narratives, I believe they will change over time. Especially with the continued popularization of the crypto industry, it is bound to become mainstream one day. At that point, other things will become marginal, and the narrative will naturally have to change.
CZ: Many Statements About Me Are Completely False
Perianne: I think you should spend a bit more time communicating with those journalists who are always monitoring you and frequently write things that I know are not true. Anyone who has actually spent time with you can clearly feel that you are not only generous but also a very kind person.
I remember a small detail from the years. Once I saw you at an event, and there was someone standing next to you when suddenly a gust of wind blew off the plastic cap from 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 bent down to pick up that piece of trash, helping to dispose of it, all the while wearing a smile, very naturally and gently.
I think this really reflects your character. How someone behaves in ordinary daily matters and how they treat ordinary people often reflects how they handle matters in their professional and personal lives. I think this is precisely where the outside world most easily misunderstands your personal image.
CZ: Thank you for remembering such small details. I have a vague memory of it, but I can’t recall exactly which event it was at. But I appreciate you bringing it up.
Returning to your earlier question, I actually just almost forgot the point. Many of the statements currently being made about me in the media are completely inaccurate.
For example, Forbes is trying to portray me as someone who has become richer over the past six months, but that is simply impossible. I have no idea how they calculated that.
Then there are reports like those from The Wall Street Journal, which depict me as if I am trying to assist in Iran's related terrorist financing activities. I have absolutely no interest in that at all. I currently live in a country that is being attacked by Iran, and that assertion is itself ridiculous. Not to mention that even before this, I have never been interested in such matters.
And I can state clearly that no trading platform or normal business would want to get involved in this sort of thing because there are no benefits whatsoever. It is merely about a bit of trading fees, which is entirely not worth it.
Thus, the logic of these narratives is basically the same: they seize any negative point and seek to launch an attack. There are indeed many misunderstandings in the external world. As for the motives behind these attacks, I can somewhat understand because different people have different positions and purposes.
But the issue is that the way they launch attacks is often based on completely false, unfounded information. I hope this situation will slowly change in the future.
However, I believe that in the end, the truth will always emerge. We have seen that the truth can be presented in court based on evidence, while what they rely on is not evidence. This process is already happening.
Judicial Rulings Reflect Media's Unfair Accusations
Perianne: Let's talk about this and thank you for bringing it up. The prevailing narrative from the outside regarding this technology and the entire industry has been that Bitcoin and crypto technology's sole purpose is to be a tool for illegal financial activities. Today, this narrative is projected onto you and your company, like Binance, as well. There have been many related accusations in the media recently.
But as you mentioned earlier, these matters have actually entered the court proceedings. Why don't you discuss the situation regarding these cases? You have recently achieved very important victories. I also find it somewhat strange that those media outlets and journalists who have been closely monitoring you, Binance, and the so-called "illegal finance" issues always report extensively when negative narratives arise; yet once you or Binance make progress in legal cases, they suddenly fall silent and do not update at all.
And these advancements are crucial but have hardly been widely reported. So please just share with everyone what is actually happening now. Because from the court's perspective, judgments based on facts and evidence certainly do not always align with the image that the media attempts to shape about you and Binance.
CZ: Of course. First, I should clarify that I am not a lawyer, so the content I discuss next may not be completely legally precise but is based on my personal understanding.
I and Binance, sometimes including Binance US, have been sued together regarding accusations related to terrorist financing. The plaintiffs typically list us three as defendants. I remember this kind of case falls under the ATA, which is a type of lawsuit related to anti-terrorism. They try to link these cases to my 2023 plea agreement with the U.S. government while stitching together some media content to create the narrative they want.
However, the court ultimately relies on evidence. In the past two weeks, two federal courts in the U.S. have dismissed these cases. The judges roughly stated that the plaintiffs submitted a lengthy 900-page material, but there was no real evidence in it. I remember the court using terms like "long and unnecessary." In other words, they simply wrote 900 pages and over 3,000 paragraphs, trying to strengthen their arguments through content piling but did not present substantial evidence.
So, to be honest, I am very grateful for the U.S. court system. I believe the overall design of the U.S. judicial system is very good; it is independent and values evidence. Media can write various negative narratives, but what the court looks at is evidence, and ultimately the court has dismissed these cases twice. This has already happened in another two different courts in the U.S. in the past two weeks, which itself speaks volumes.
But as you mentioned, mainstream media has reported almost nothing about it. Thus, you can clearly see how apparent their biases are.
For me, this matter is actually very clear. I just hope more people can see this. Unfortunately, there are still quite a number of individuals who only rely on what traditional media says about me, which indeed affects their perceptions and judgments regarding 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 your statement just now was quite restrained and tolerant. But 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 certainly the change in policy and regulatory frameworks. I know you are not very willing to comment on U.S. politics, but the U.S. is now clearly looking to become the "global crypto capital," which is also the direction of the current government. You have previously publicly expressed support for this goal.
So what does the U.S. need to do in order to remain competitive in this field? Over the past few years, there have been many forces trying to push this industry out of the U.S., forcing it to flow overseas, and they have indeed succeeded in this to some extent. What should we do to maintain a competitive environment that encourages digital asset investors and businesses to continue operating and developing in the U.S.?
CZ: Of course. First, I believe that the current U.S. government has actually done an excellent job. As you mentioned, the previous administration basically pushed many entrepreneurs, startups, and innovators outside of the U.S. I have personally witnessed many people relocating to the UAE, places like Abu Dhabi, Dubai, as well as Singapore, and even Hong Kong and other parts of the world.
But recently, we have started to see a reversal of trends: these entrepreneurs are returning to the U.S.
The current America is once again attracting talent back. The U.S. itself has always had a very strong foundation for innovation, whether it's venture capital, Silicon Valley, New York's financial system, or Wall Street's financial and technological talent base, as well as industrial capital and financing capabilities; the U.S. possesses these inherent advantages.
Moreover, I feel that today’s policy environment in the U.S. has already become quite positive—perhaps even beyond my expectations. Frankly, if you had asked me two or three years ago, I would never have thought that the U.S. could become so supportive of the crypto industry within such a short time.
But if I were to be more direct, I believe that the U.S. still needs more competition.
The U.S. is built on principles of capitalism, and the core of capitalism is a free market and free competition. I have recently discussed a lot with some very important, influential, and intelligent people in the U.S., and I strongly agree with a saying: competition is the best consumer protection. This is beneficial for the U.S. as well.
If I look at it purely from the perspective of a trading platform operator, the trading fees on U.S. platforms are still too high. This actually means that the prices American consumers receive are far worse than those in the international market. That’s why I believe that the main liquidity pool is not currently 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 crypto industry is not in the U.S. I think this is precisely a part that the U.S. is currently lacking.
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 globally in the U.S. market; the pricing experience in other areas typically does not surpass that of the U.S. However, in the crypto industry, U.S. consumers have not had the opportunity to obtain the best prices globally. I believe this is a very easily rectifiable issue.
The U.S. has a large number of institutional investors, ample funds, and a solid capital base, making it entirely capable of becoming the world's largest liquidity center. Especially with the policy gradually taking shape, I believe this will inevitably happen. However, for now, the U.S. market is still lacking some truly sufficient competition.
Perianne: Exactly. If the U.S. wants to become the global crypto capital, it must possess the best infrastructure in the world. And this means that the U.S. needs to collaborate with the best, largest companies globally to ensure these infrastructures genuinely serve American retail investors, American institutional investors, and domestic crypto enterprises.
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