CZ: U.S. is leading on crypto policy, but liquidity remains the missing piece.

Binance founder Changpeng Zhao has singled out the United States as the current front-runner in crypto policy development, a notable endorsement given the regulatory friction the industry has faced there in recent years. His qualifier, however, was pointed: the policy framework is ahead, but meaningful liquidity has yet to follow.

"Although it lacks liquidity. Hopefully we can fix that," CZ said, framing the gap as a solvable problem rather than a structural flaw. The comment lands as Washington continues to advance stablecoin and market-structure legislation, with institutional participants watching closely for the on-ramps that would convert regulatory clarity into actual capital deployment.