Binance founder Changpeng Zhao, widely known as CZ, shared his perspectives on a range of issues in exclusive interviews with CoinDesk earlier this month.

Now reemerging into the public spotlight, CZ spoke about the exchange he built, the outlook for crypto in the United States, and his activities following his four-month prison sentence in 2024 for Bank Secrecy Act violations.

You’re reading State of Crypto, CoinDesk’s newsletter examining the intersection of digital assets and government policy.

CZ returns

Though he maintained a relatively low profile in the U.S. after his sentence, CZ has recently begun reengaging with the industry.

Why it matters

While no longer running Binance, CZ remains a highly influential figure. He continues to be the majority shareholder of both Binance and Binance.US, is active as an investor, and commands significant attention at public events.

Key takeaways

CZ attributed the 2026 crypto downturn to several factors, including capital shifting toward artificial intelligence, geopolitical tensions, and the familiar four-year market cycle.

He also outlined a vision for Binance.US, suggesting it should tap into Binance Global’s liquidity to help strengthen the U.S. crypto market.

In Washington, D.C., CZ said his goal is to resolve “misunderstandings” about himself and Binance, adding that his guilty plea has not harmed his reputation.

At the same time, he made clear he has no plans to run another exchange, preferring instead to serve as an informal advisor to companies in which he has invested.

Policy watch

There is still little clarity on the status of a major crypto bill, with the ethics provision remaining a key obstacle. According to Politico, White House crypto liaison Patrick Witt said any agreement would require presidential approval.

Talks are ongoing, but no concrete details have emerged. With just 20 working days remaining before September 1 on the Senate calendar, time for debate and a vote is running short.

Lawmakers have already addressed several priorities, including passing a housing bill that temporarily bars the Federal Reserve from issuing a central bank digital currency, along with a reconciliation funding measure earlier this month.

Outstanding items include reauthorization of the Foreign Intelligence Surveillance Act, as well as upcoming work on the farm bill and the National Defense Authorization Act.

This week

No hearings are currently scheduled.

Readers can share feedback or suggest topics via email or join the conversation on Telegram.

See you next week.