The world’s most popular and largest crypto derivatives exchange, FTX has reportedly donated $5.2 million to the Joe Biden Presidential campaign.
Will the contribution convert into something beneficial for the sector? We will have to wait and see!
FTX backs Biden
FTX, one of the largest crypto derivatives exchanges in existence today, has apparently donated $5.2 million to Joe Biden’s 2020 Presidential campaign. The sizable donation amount FTX contributed to Biden’s campaign makes it the top-20 campaign contributors. The total donation size of Biden reached a huge figure of $937 million vis-a-vis Trump’s contributions amounting to $595 million which clearly puts Biden in an advantageous position.
Donations to the campaigns are a way to understand the amount of interest in a candidate’s campaign. Trump’s lesser contributions could be because people want to change or the fact that it is his second. As for FTX, its CEO Sam Bankman-Fried is known to be a philanthropist who is passionately involved in the Effective Altruism Community. He is also a member of the Political Action Committee (PAC) future-forward.
Will Biden’s win impact the sector?
The elections bring out a point whether or not the digital asset industry like Crypto will get affected if Biden comes to power. A lot of experts believe that Bitcoin or any other digital asset might not get affected but just when you go sometime back in the month of July, Biden’s Twitter account had been hacked and it read:
“I don’t have Bitcoin, and I’ll never ask you to send me any. But if you want to chip in to help make Donald Trump a one-term President, you can do that here.” As expected the link didn’t accept Bitcoin—just US Dollars.
Biden’s campaign’s main contributor is from the crypto industry and it is plain wisdom that no one does anything without expecting anything in return. FTX’s contribution to the campaign could well mean something to them if Biden wins. Shrill, a Biden Presidency could also have a major impact on cryptocurrency as the industry continues to grow and mature in the US and around the world at large.
When Biden becomes the law in a free nation, he might return the favor by easing or by accentuating the processes associated with industry approvals. A lot of good projects have been shelved or delayed because of the over-indulgent processes of the SEC and the lack of trust. But for a sector as novel as Crypto, the stringent measures are only to safeguard people’s interests understandably. But if Biden happens to favor it, there sure can be a breakthrough.
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