Original video title: DC Blockchain Summit 2026 Day 2

Original video source: DC Blockchain Summit

Original translation by Wu Shuo Blockchain

In a video interview at the DC Blockchain Summit, Binance founder CZ and Perianne Boring, founder and chair of The Digital Chamber, reviewed the development of the crypto industry over the past decade: from early neglect, followed by strong regulation and media suppression, to its gradual gain of clarity in US regulations, institutional adoption, and mainstream recognition . Boring discussed how his personal experiences mirror the growth trajectory of the crypto industry in his forthcoming memoir, emphasizing that technological innovation will ultimately drive the industry into the mainstream.

The interview also focused on media narratives and legal controversies. CZ argued that some traditional media outlets (such as the Wall Street Journal) have long engaged in biased or even inaccurate reporting on him, Binance, and the crypto industry. He further noted that the recent dismissal of related lawsuits by a US federal court demonstrates that the judicial system relies more on evidence than public opinion. Regarding the prospects of the US market, he affirmed the current government's support for the crypto industry and pointed out that for the US to truly become the "global crypto capital," the key lies not only in favorable policies but also in 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 YouTube. (Starts at 56:48)

A review of the development of the digital asset industry over the past decade

Perianne: In a sense, I feel that some of the challenges we faced back then still exist today. But even so, especially in Washington, we have indeed made a lot of progress. Looking back at the development of the digital asset industry over the past 10, 12, and 15 years, what are your thoughts? How would you measure the success of this industry, and how far have we come?

CZ: Of course. I've been doing 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 met about 12 or 13 years ago.

I remember very clearly your speech at the 2014 Chicago Bitcoin Conference, in the forum before mine. You talked about BitLicense. That topic was very popular at the time, and when I went on stage, almost the entire audience was captivated by you. I remember that scene very clearly.

Back then, an industry conference would have around 200 people; but today, depending on the location, the size of a conference can easily reach 5,000 or even tens of thousands of people.

Back then, Vitalik was only 19 years old and was just talking about Ethereum. Today, Ethereum has grown into an asset with a market capitalization of hundreds of billions of dollars. So, in my memory, this industry has indeed come a long way from around 2013 to now.

For the first five years, we were largely ignored; for the next five, we encountered many obstacles, and indeed, there were quite a few forces opposing us. But now, we are finally beginning to be accepted.

We are now seeing the United States leading the world in crypto regulation, with policy clarity increasing daily. Even just in the last couple of days, we've seen the U.S. SEC release even clearer signals. This is a tremendous step forward.

So now, we are finally moving into the mainstream, and institutional adoption is steadily increasing. This process has certainly been full of ups and downs, but the industry has indeed come this far.

Writing a book in prison: CZ wants the outside world to see his true self.

Perianne: Absolutely. Especially yesterday on this very stage, we heard news of progress in the regulatory environment, which was very encouraging. Only with a clear legal framework can businesses truly build and operate in the U.S. market, and investors can participate with greater peace of mind.

You just mentioned your book. It's not some "dumb book." I know it's coming out soon, and you were very kind to give me a sample copy in advance, which I've already read. It's a memoir, and I must say, it's an incredibly wonderful story, a very engaging read.

Although I've known you for many years, this book has allowed me to understand you more deeply. You shared many experiences in your personal life, showing me the many difficulties you've faced both personally and professionally. What touched me most was that no matter what you went through, you always maintained your principles and never lost your true self. My impression of you has always been that of a very genuine person, someone who wouldn't pretend for anyone. Whether before Binance, before Bitcoin and the crypto industry, or now, you've always been the same CZ. So, why did you decide to write this book? Could you share more about your motivation for creating it, and what kind of person you hope readers will come to know through it?

CZ: Of course. I started writing this book while I was in prison. I didn't have much to do then, so I figured writing this book would at least give me something to do.

But at the same time, I also began to seriously reflect on my life. I'm actually just an ordinary person, but my life experience has indeed been like a roller coaster, and in some ways quite unique.

I rose from humble beginnings in rural China to build one of the world's leading encryption technology companies. Luck certainly played a part, but so did immense hard work. Ultimately, I'm still just an ordinary person. I worked at McDonald's at 14, flipping hamburgers for $4.50 an hour. So I've always believed that anyone can walk the path I've walked and achieve what I've done.

Through this book, I hope to: firstly, let people know me better; and secondly, offer courage and inspiration to more entrepreneurs, especially young entrepreneurs. So what I want to express is that I am an ordinary person, but my story may not be so ordinary.

Why do negative narratives about encryption never stop?

Perianne: This is truly a remarkable precedent. Coming from a rural area in China, with very ordinary backgrounds, you ultimately founded, launched, and successfully operated one of the largest companies in the industry—it's incredibly inspiring. I believe this kind of story will continue to move many people for many years to come, and will inspire children around the world, letting them know that with hard work, determination, and a focus on education, one can achieve many remarkable things and change their own destiny. I think you embody this spirit.

Furthermore, I believe your personal experience reflects the development of the crypto industry, Bitcoin, and digital assets. We both come from a very early, very humble stage. You and I both experienced those early days of the industry. When the entire asset class was just starting out, it faced a lot of scrutiny and skepticism. That's why we founded the Digital Chamber back then, because there were many concerns, criticisms, and regulatory actions surrounding this field, and many forces wanted to stifle Bitcoin.

I'm specifically mentioning Bitcoin because back then, it was practically the only thing. The boom in crypto assets and other digital assets that followed hadn't yet begun. It all started there. It's just that today, we've become a much larger community.

But a core problem we wanted to solve back then was the media's constant pronouncements that "Bitcoin is dead" after the Silk Road and Mt. Gox incidents. It's not dead. Even today, they're still saying that, which is obviously confusing, wrong, and untrue. At the same time, the media continues to create a narrative that the technology is only suitable for illicit financial activities, as if it's the currency of choice for criminals. And these arguments continue to resurface today.

So let's talk about the media and today's news headlines. Many headlines are almost exactly the same as what we saw 10 or 12 years ago—the same formula, the same narrative.

Personally, I believe there is a deliberate effort to promote a specific narrative and intentionally create misinformation, with the aim of slowing down the industry's development and suppressing innovation in the digital asset space. Even today, despite a supportive congressional environment for the crypto industry, a bipartisan focus on crypto issues, and the arrival of the first president in US history to publicly support the crypto sector, there are still strong forces attempting to suppress the industry, much of which occurs within the media.

Moreover, many of the attacks have been directed at you. Of course, it's not just you; others are too. But as someone who has known you for a long time, I feel a strong sense of dissonance when I see many of the things said about you from the outside world, because I know that much of it is completely inaccurate. What do you think is the biggest misunderstanding the media has about you? For those who haven't had the opportunity to meet you or truly taken the time to get to know you, what is the aspect of you that they understand the least?

CZ: Of course. First of all, I think the media itself is divided. The crypto media actually understand me because I spend a lot of time communicating on Twitter. But I don't have enough contact with traditional media, which may be one of the reasons for the misunderstandings.

We all know that there are one or two traditional media journalists whose career paths almost exclusively consist of writing negative reports about the crypto industry, about me, about Binance, and even about the current government, because they support the crypto industry. I don't participate much in American politics, but we have indeed seen many instances of people openly launching so-called "wars against the crypto industry." In my view, there is clearly a partisan element involved. The American political system is inherently a game between two opposing forces, so one side will instinctively attack what the other side supports.

Moreover, at this stage, the negative narratives surrounding the crypto industry have become more complex. I've heard claims that some US players may be worried about competition from Binance's entry into the US, and therefore are pushing for opposition. They are also influenced by lobbying from traditional banks, particularly regarding issues like stablecoin interest rates. This involves many different stakeholders, resulting in a variety of media narratives.

I'm not a media expert, but I've always focused more on the technology itself. I think it's very clear 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've made many mistakes, for various reasons.

For me, I haven't spent enough time communicating with traditional media, and perhaps that's something I should be doing more of in the future. But that's not my forte. My expertise has always been building platforms that people actually use. Although I no longer manage Binance, I'm still helping more entrepreneurs do similar things through investment, mentoring, and other means—that's what I'm primarily doing.

As for media narrative, I believe it will ultimately change over time. Especially with the continued proliferation of the crypto industry, sooner or later crypto will become mainstream. At that point, other things will become marginal, and the narrative will naturally have to change.

CZ: Many of the claims about me are completely untrue.

Perianne: I think you should really spend more time communicating with those journalists who are always watching your writing, yet often write things I know are not true. Anyone who has actually 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 those years. Once, I saw you at an event. There was someone standing next to you when a gust of wind blew the plastic lid off his coffee cup, knocking it off and hitting you first before it fell to the ground. So, there was a piece of trash in front of you. But you still made a point of bending down to pick it up and clean it up, all while smiling naturally and gently.

I think this actually reflects your character very well. How a person behaves when facing the most ordinary daily matters and dealing with ordinary people around them often reveals how they conduct themselves in their professional and personal lives. I believe this is precisely what outsiders are most likely to misunderstand about your personal image .

CZ: Thank you so much for remembering such a small detail. I have a vague recollection myself, but I can't recall which event it was. Nevertheless, thank you for bringing it up.

Returning to your earlier question, I actually almost forgot the main point. Many of the claims the media are making about me are completely untrue.

For example, Forbes tried to portray me as someone who has become richer in the past six months, but that's simply impossible. I have no idea how they calculated that.

And then there are reports like those in the Wall Street Journal that portray me as if I were trying to assist Iran-related terrorist financing activities. I have absolutely no interest in that. I currently live in a country being attacked by Iran, and that very notion is absurd. Not to mention, even before this, I would never have been interested in such things.

Furthermore, I can say with absolute certainty that no trading platform or any legitimate company would want to engage in such a thing, because there is simply no benefit whatsoever. It's just a small transaction fee, but it's 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 from the outside world . As for the motives behind these attacks, I can understand them to some extent, because different people have different stances and purposes.

The problem is that their attacks are often based on completely false and unfounded information. I hope this situation will gradually change in the future.

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

The judicial ruling reflects the unfair accusations made by the media.

Perianne: Let's talk about that then, and thank you for bringing it up. The core narrative surrounding this technology and the industry as a whole has always been that the only use of Bitcoin and crypto is as a tool for illicit financial activities. Now, this narrative is being projected onto you personally and the companies you founded, such as Binance. There have been many related accusations in the media recently.

But as you just mentioned, these matters have already entered the court process. You might want to talk about the details of these cases. You've actually achieved a very important victory recently. I do find it a bit strange, though. The media and journalists who have been paying close attention to you, Binance, and the so-called "illegal finance" issue always give it massive coverage when negative narratives emerge; but once you or Binance make progress in the cases, they suddenly fall silent and stop providing any updates.

These developments are actually very crucial, yet they have received almost no widespread coverage. So why don't you just tell everyone what's really going on? Because from the court's perspective, the judgment made based on facts and evidence obviously doesn't always align with the image the media tries to portray of you and Binance.

CZ: Of course. Let me clarify first that I am not a lawyer, so what I am about to say may not be entirely rigorous in terms of legal expression; it is just based on my personal understanding.

I, Binance, and sometimes Binance US were sued together on charges related to terrorist financing. The opposing side usually named all three of us as defendants. I recall these cases falling under ATA (Agency to the United States) cases, which are related to counterterrorism. They tried to link these cases to my 2023 plea agreement with the US government, while also piecing together media content to construct the narrative they wanted.

But ultimately, courts rely on evidence. In the past two weeks alone, two U.S. federal courts have dismissed these cases. The judges essentially said that the opposing side submitted a 900-page document, but it contained no real evidence. I recall the court using phrases like "lengthy and unnecessary." In other words, the opposing side simply wrote 900 pages and over 3,000 paragraphs, attempting to strengthen their arguments by piling on content, but without providing any substantial evidence.

So to be honest, I'm actually very grateful for the American court system. I think the American judicial system is well-designed overall; it's independent and values evidence. The media can certainly write all sorts of negative narratives, but the courts look at the evidence, and ultimately, the courts dismissed these cases twice. This has happened twice in the past two weeks in two different courts in the United States, which in itself speaks volumes.

But as you said, the mainstream media has done almost nothing about this. This clearly demonstrates just how obvious their bias is.

For me, this matter is already quite clear. I just hope more people can understand this point. Unfortunately, a considerable number of people still only read what I call traditional media, and this does indeed affect their perception and judgment of us. This is a real shame. We can only continue to do more to correct these biases.

Keys to US Crypto Competitiveness: Competition, Liquidity, and Infrastructure

Perianne: Yes, I think your statement was quite restrained and tolerant. However, I agree with your assessment. We are currently in the United States, attending the DC Blockchain Summit, and the core theme of this event is, of course, the changing policy and regulatory frameworks. I know you are not very willing to comment on American politics, but the United States now clearly aspires to become the "global crypto capital," which is also the direction promoted by the current administration. You have also publicly stated your support for this goal before.

So, what does the United States need to do to remain competitive in this field? Over the past few years, many forces have attempted to drive this industry out of the US and force it overseas, and they have been somewhat successful in this regard. So how can we maintain a competitive environment that encourages digital asset investors and businesses to continue operating and growing in the United States?

CZ: Absolutely. First of all, I think the current US administration has actually done a very good job. As you said, the previous administration basically pushed a lot of entrepreneurs, startups, and innovators out of the US. I've personally seen many people go to the UAE, such as Abu Dhabi and Dubai, and others to Singapore, and even to Hong Kong and other places around the world.

But recently, we have begun to see a trend reversal: these entrepreneurs are returning to the United States.

The United States is now attracting talent back. The US has always had a very strong foundation in innovation, with natural advantages in venture capital, Silicon Valley, the New York financial system, Wall Street's talent pool in finance and technology, as well as industrial capital and financing capabilities.

Moreover, I feel that the policy environment in the United States today is quite positive, even more so than I expected. Frankly, two or three years ago, I would never have imagined that the United States could become so supportive of the crypto industry in such a short period of time.

But to put it bluntly, I think the United States needs more competition right now.

The United States is founded on capitalist principles, and the core of capitalism is free markets and free competition. I recently spoke with some very important, influential, and intelligent people in the US, and I strongly agree with the statement: competition is the best form of consumer protection. This is also beneficial to the United States.

From the perspective of a trading platform operator, transaction fees on US trading platforms are still too high. This effectively means that US consumers are getting far lower prices than those in the international market. Therefore, I believe that the most important liquidity pools are not currently located in the US.

But if you look at traditional markets, such as stocks, futures, and forex, the largest liquidity pools are usually in the US. So it's quite strange that the largest liquidity pools in the crypto industry aren't in the US. I think this is precisely what the US is currently lacking.

This holds true even in other industries. For example, in the internet and e-commerce sectors, Amazon often offers the best prices globally in the US market, and the price experience in other regions is usually not better. However, in the crypto industry, US consumers don't have the opportunity to access the best global prices. I believe this is actually a very easy problem to correct.

The United States possesses 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 current policies gradually taking shape, I believe this will happen sooner or later. However, at present, the US market lacks truly sufficient competition.

Perianne: Exactly. If the U.S. is to become the global crypto capital, it must have the best infrastructure in the world. This means the U.S. needs to partner with the world's best and largest companies to ensure that this infrastructure truly serves U.S. retail investors, U.S. institutional investors, and U.S.-based crypto businesses.

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