In a video interview at the DC Blockchain Summit, Binance founder CZ and Perianne Boring, founder and chairman 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. He discussed how his personal experiences mirror the growth trajectory of the crypto industry, drawing on his upcoming memoir, and emphasized 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 about him, Binance, and the crypto industry. He also 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 is not only favorable policies but also more robust market competition, lower transaction costs, and stronger liquidity. Audio transcription was done by GPT and may contain errors. Please watch the original video on YouTube. Looking Back at 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 still remember very clearly your speech at the 2014 Chicago Bitcoin Conference, in the forum before mine, where you talked about BitLicense. That topic was very popular at the time, and when I went on stage, the audience was almost entirely drawn to you. I remember that scene very clearly. Back then, an industry conference had about 200 people; today, depending on the location, conferences 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 faced numerous obstacles and considerable opposition. Now, we are finally beginning to be accepted. We see the US leading the world in crypto regulation, with policy clarity increasing daily. Even just these past few days, we've seen the SEC release clearer signals. This is tremendous progress. So now, we are finally moving into the mainstream, and institutional adoption is increasing. This process has certainly been full of ups and downs, but the industry has indeed come this far. Writing in Prison: CZ Wants the Outside World to See the Real Him Perianne: That's without a doubt. Especially yesterday on this stage, hearing news of progress in the regulatory environment was very encouraging. Only with a clear legal framework can companies truly build and operate in the US market, and investors can participate with greater peace of mind. You just mentioned your book. It's not a "dumb book." I know it's coming out soon, and you generously gave me a sample copy in advance, which I've already read. This is a memoir, and I must say, it's an incredibly compelling and engaging story. Although I've known you for many years, this book has allowed me to gain a deeper understanding of you. You share many personal experiences and show me the 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 you are a very genuine person who doesn'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 writing it, and what kind of person do you hope readers will see through it? CZ: Of course. I started writing this book while I was in prison. I had nothing to do at the time, and I thought that 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 experiences have indeed been like a rollercoaster, quite unique in some ways. I came from a rural area in China and later built one of the world's leading encryption technology companies.Of course, there was an element of luck involved, and it also required a lot of hard work, but ultimately, I'm still just an ordinary person. When I was 14, I worked at McDonald's, flipping hamburgers, earning 4.5 Canadian dollars an hour. So I've always felt that anyone could potentially walk the path I've walked, and anyone could achieve what I've done. Through this book, I hope, firstly, that people can better understand me; and secondly, that it can offer more entrepreneurs, especially young entrepreneurs, some courage and inspiration. So what I want to express is that I'm an ordinary person, but my story may not be so ordinary. Why the Negative Narratives About Crypto Never Stop Perianne: This is indeed a very remarkable precedent. You came from a rural area in China, from a very ordinary background, and ultimately founded, launched, and successfully operated one of the largest companies in the industry—that's incredibly inspiring. I believe that such stories will continue to move many people for many years to come, and will inspire children around the world, letting them understand that as long as they are willing to work hard, have determination, and value education, they can achieve many remarkable things and change their own destiny. I think you embody this spirit. Furthermore, I believe your personal experience beautifully 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 the industry's very early days. When the entire asset class was just starting out, it faced a great deal of scrutiny and skepticism. That's why we founded the Digital Chamber back then, because there were many concerns, criticisms, and regulatory actions surrounding the field, and many forces wanted to kill Bitcoin. I specifically mention Bitcoin because at that time, it was practically just Bitcoin. The later boom of crypto assets and other digital assets hadn't yet begun. Everything started from there. It's just that today, we've become a much larger community. But one of the core issues we wanted to address 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 this 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 identical to those we saw 10 or 12 years ago—the same formula, the same narrative. Personally, I think someone is deliberately pushing a specific narrative, intentionally creating misinformation to slow down the industry's development and suppress 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 first president in US history to publicly support the industry, there are still strong forces trying to suppress it, much of which occurs in the media. And many of these attacks are 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 people say about you, because I know much of it is 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 spend time getting to know you, what do they understand about you the least? CZ: Of course. First, I think the media itself is divided. The crypto media actually understands me because I spend a lot of time communicating on Twitter. However, my limited contact with traditional media may be one reason for this misunderstanding. We all know that there are one or two traditional media journalists whose career paths almost exclusively involve writing negative reports about the crypto industry, myself, and Binance, and even about the current government because they support the crypto industry. I'm not very involved 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 supports. Moreover, at this stage, the negative narratives surrounding the crypto industry have become more complex. I've heard claims that some American players may be worried about competition from Binance entering the US market, and therefore are pushing for opposition behind the scenes. At the same time, they are also influenced by lobbying from traditional banks, for example, regarding issues like stablecoin interest rates. Many different stakeholders are involved, resulting in various media narratives. I'm not a media expert, but I've always focused more on the technology itself. I believe we've clearly seen 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 do more of in the future. But that's not my expertise. 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 narratives, I think they will eventually change over time. Especially with the continued popularization of the crypto industry, sooner or later, crypto will become mainstream. At that time, other things will become marginal, and the narrative will naturally have to change. CZ: Many of the claims about me are simply untrue. Perianne: I think maybe you really should spend more time communicating with those journalists who are always watching you write, yet often write things that I know are untrue. Anyone who has actually spent time with you, I think, can clearly feel that you are not only very generous but also a very kind person. I remember a small detail from those years. I once saw you at an event. Someone standing next to you was suddenly blew off the plastic lid of their coffee cup by a gust of wind. It bumped into you first, then fell to the ground. So, there was a piece of trash in front of you. But you still bent down and picked it up, helping to dispose of it, all while smiling naturally and gently. I think this really reflects your character. How a person treats the most ordinary daily matters and the ordinary people around them often reveals their approach to life and work. I believe this is precisely what the outside world most easily misunderstands about your personal image. CZ: Thank you for remembering such a small detail. I have a vague recollection myself, but I can't recall which event it was. However, I still appreciate you bringing it up. Returning to your earlier question, I actually almost forgot the main point. Many of the things the media says 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 impossible. I don't even know 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.The claim that I live in a country being attacked by Iran is absurd. Not to mention, even before this, I would never have been interested in such a thing. And I can say with certainty that no exchange, no legitimate business, would want to get involved in this, because there's absolutely no benefit. 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 want to launch an attack. There are indeed many misunderstandings. As for the motives behind these attacks, I can understand them 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 false and unfounded information. I hope this situation will gradually change in the future. However, I believe that the truth will eventually emerge. We have already seen the truth presented in court through evidence, and what they relied on was not evidence. This process is already happening now. Judicial rulings reflect the media's unfair accusations Perianne: Let's talk about that then, and thank you for bringing it up. The core narrative surrounding this technology and the entire industry has always been: the only use of Bitcoin and crypto technology is as a tool for illicit financial activities. Now, this kind of talk is also 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 actually entered the court process. Could you talk about the situation of these cases? You have actually achieved a very important victory recently. I do find it a bit strange that the media and journalists who have been paying close attention to you, Binance, and the so-called "illegal finance" issues always report extensively when negative narratives emerge; but once you or Binance make progress in the case, they suddenly fall silent and do not update the follow-up at all. And these progresses are actually very crucial, but they have hardly been widely reported. So why don't you just tell everyone what is actually happening now? Because from the court's perspective, the judgment made based on facts and evidence obviously does not always conform to the image of you and Binance that the media is trying to create. 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 legal expression, but is based on my personal understanding. I myself and Binance, and sometimes Binance US, have been sued together, with charges related to terrorist financing.The opposing side usually names all three of us as defendants. I recall these cases fall under the ATA category, which is a type of litigation 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, the courts rely on evidence. In the past two weeks alone, two US federal courts have dismissed these cases. The judges essentially said that the opposing side submitted a 900-page document, but it lacked substantial evidence. I recall the court using phrases like "lengthy and unnecessary." In other words, the opposing side simply wrote 900 pages, over 3,000 paragraphs, attempting to strengthen their arguments by piling up content, but without providing any concrete evidence. So, frankly, I'm very grateful for the US court system. I believe the US 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 US courts, which in itself speaks volumes. But as you said, the mainstream media has done almost nothing about this. This clearly shows just how biased they are. To me, it's pretty clear. I just hope more people can understand this. Unfortunately, a significant number of people still only read what I call traditional media, and this definitely influences their perceptions and judgments about us. That's a real shame. We can only continue to do more to correct these biases. Key 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 US, attending the DC Blockchain Summit, and the core theme of this event is, of course, the change in policy and regulatory frameworks. I know you're not very willing to comment on US politics, but the US now clearly aspires to become the "global crypto capital," which is also the direction the current administration is pushing. You have also publicly stated your support for this goal. So, what does the US need to do to remain competitive in this field? In the past few years, many forces have tried to drive this industry out of the US and force it overseas, and they have indeed succeeded to some extent in this regard.So how should we maintain a competitive environment that encourages digital asset investors and businesses to continue operating and developing in the United States? CZ: Absolutely. First, I think the current US administration has done an excellent job. As you said, the previous administration essentially pushed many 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, Hong Kong, and other parts of the world. But recently, we've begun to see a trend reversal: these entrepreneurs are returning to the US. The US is now attracting talent back. The US has always had a very strong foundation in innovation, whether it's venture capital, Silicon Valley, the New York financial system, Wall Street—the talent pool of finance and technology—or industrial capital and financing capabilities; the US possesses these natural advantages. And I think the policy environment in the US today is quite positive, even more so than I expected. Frankly, two or three years ago, I would never have imagined that the US could become so supportive of the crypto industry in such a short time. But to put it bluntly, I think the US needs more competition now. The US 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 intelligent people in the US, and I strongly agree with the statement: competition is the best form of consumer protection. This is also beneficial for the US. From the perspective of trading platform operators, transaction fees on US exchanges are still too high. This effectively means that US consumers are not getting the best prices available in international markets. Therefore, I believe the largest liquidity pool is not currently in the US. However, if you look at traditional markets like stocks, futures, and forex, the largest liquidity is usually in the US. So, it's quite strange that the largest liquidity pool in the crypto industry isn't in the US. I think this is precisely what the US is currently lacking. The same applies to other industries. For example, in the internet and e-commerce sectors, Amazon often offers the best prices globally in the US market; the price experience in other regions is usually not better than in the US. Only in the crypto industry do US consumers lack access to the best global prices. I believe this is a problem that is very easy to correct. The US 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 current policies gradually taking shape, I think this was bound to happen sooner or later. It's just that, for now, the US market lacks truly sufficient competition. Perianne: Exactly. If the US is to become the global crypto capital, it must have the best infrastructure in the world. This also means that the US needs to partner with the world's best and largest companies to ensure that this infrastructure truly serves US retail investors, US institutional investors, and US-based crypto businesses. [Wu Blockchain]