Changpeng “CZ” Zhao, founder of Binance, said that the New York Stock Exchange (NYSE) should not be equated with the entire U.S. economy. This comment was made in response to remarks from Senator Elizabeth Warren regarding cryptocurrency regulation and was shared on X.
“She wants to limit US companies (Amazon, Meta, GE) to protect the “US economy” / NYSE,” said Zhao. “Not against NYSE, but it’s just one company, fully owned by ICE, market cap: ~$100 billion. Amazon market cap: $2.40 trillion. NYSE ≠ economy.”
In July 2025, Senator Warren warned that new cryptocurrency deregulation bills like GENIUS and CLARITY could allow firms to bypass oversight by the Securities and Exchange Commission (SEC) and potentially destabilize Wall Street. As reported by Bloomberg and cited by AInvest, she said tokenized stocks without proper controls could “blow up the value of the NYSE,” thereby harming the U.S. economy. Her comments have intensified ongoing debates about balancing innovation with systemic risk.
Amazon’s market capitalization reached approximately US $2.4 trillion by mid-2025, while Meta stood near US $800 billion and General Electric around US $120 billion. According to Stock Analysis data, the combined value of NYSE-listed firms is roughly US $79 trillion, illustrating the vast scale of the market compared to even the largest tech giants. This gap highlights the concentration of value within a few mega-cap companies amid a massive exchange.
Public companies listed on the NYSE drive significant parts of the U.S. economy, accounting for about 82% of S&P 500 market value and serving as key channels for capital, according to NYSE data. Studies cited by ScienceDirect note that their share of GDP and employment has declined since the 1970s, reflecting broader economic shifts. Analysts argue their influence remains critical despite these trends.
According to Forbes, Changpeng Zhao, commonly known as CZ, is a visionary entrepreneur who founded Binance in 2017 and quickly grew it into the world’s largest cryptocurrency exchange by trading volume. He is widely recognized for his leadership in advancing blockchain technology and promoting financial inclusion globally, making him one of the most influential figures in the crypto industry. CZ’s innovative strategies and commitment to expanding crypto accessibility have earned him a reputation as a pioneer in digital finance.
