- CZ counters Warren’s crypto fears, saying NYSE’s value doesn’t define the entire economy.
- Warren warns that companies digitizing assets could sidestep the SEC and harm U.S. markets.
- CZ says firms like Amazon are far bigger than the NYSE and represent the true U.S. economy.
Binance founder Changpeng Zhao (CZ) has responded to U.S. Senator Elizabeth Warren’s latest warning about cryptocurrency. Warren recently claimed that the crypto industry could “blow up” the U.S. economy if left unchecked. CZ, however, countered her remarks by drawing a clear line between financial institutions and the broader economy.
The clash highlights a deeper narrative: decentralization versus traditional financial control. Warren’s remarks raised questions regarding the potential impact of digital assets on current regulatory frameworks, such as the SEC. However, CZ responded promptly, contextualizing the problem as a misconception about how the contemporary economy works.
CZ: NYSE Isn’t the Entire Economy
Warren had warned that if companies like Amazon or Meta digitized their financial operations, it could undermine the New York Stock Exchange. She argued that such moves might allow them to bypass SEC oversight, destabilizing the traditional markets. According to Warren, losing the value tied to NYSE-listed firms could devastate the U.S. economy. She linked this to ongoing efforts in Congress to pass pro-crypto legislation.
CZ challenged the logic behind this claim. In a recent social media post, he noted that the NYSE is just one company. The NYSE is owned by Intercontinental Exchange (ICE), which has a market cap of around $100 billion. In contrast, he noted that Amazon alone has a market capitalization of $2.4 trillion. CZ argued that the U.S. economy comprises all companies, not just one exchange.
“NYSE ≠ economy. All companies = economy,” CZ wrote. By highlighting the limited size of the NYSE compared to the broader corporate landscape, CZ suggested that the Senator’s view was too narrow.
Related: Crypto Bills Advance as House Approves Rule With 217 Votes
Crypto Bills Spark Regulatory Debate
Warren’s warning comes amid growing political debate over how to regulate digital assets. She criticized recent crypto legislation passed with bipartisan support in Congress. Warren called the GENIUS Act a threat to the financial system. The act seeks to integrate stablecoins into traditional finance. She likened the move to the deregulation that contributed to the 2008 financial crisis.
The Senator also warned that the new crypto market structure bill could reduce the SEC’s authority. In her view, this could “destroy” America’s $120 trillion capital markets. She accused Republicans and some Democrats of putting the financial system at risk to favor wealthy interests.
In response, CZ’s comments reinforced the crypto industry’s focus on decentralization. He suggested that traditional market operators, like the NYSE, no longer define economic value. Instead, he emphasized that real economic power lies in technology-driven firms that span multiple platforms, some of which now utilize blockchain.
This back and forth reflects the broader struggle between centralized financial guardians and decentralized technologies. With the U.S. discussing how to regulate crypto, crypto leaders such as CZ are pushing for a more expansive vision of what constitutes an economy. The result would not only transform the laws but also the entire U.S. economy.
