Will the Crypto-Regulations in the US will Ease with the FTX Donation?

More than $5 million donated!

Sam Bankman-Fried, the founder and CEO of Hong Kong-based cryptocurrency derivatives exchange, FTX Exchange has donated more than $5 million. Data from the opensecrets.org has revealed that FTX. US organization has contributed $5,220,000 to Joe Biden’s presidential election campaign.

According to some reports, Biden’s presidential campaign received a total of $79.5 million from the top 100 contributors. However, the total donations received to both Joe Biden and the current President Donald Trump sums up to $2.2 billion.

The CEO and founder of Nuggets News, Alex Saunders sarcastically that, this might be the reason the USA approved FTX US quickly.

Also Read: Wyoming’s Representative & Bitcoin Patron Cynthia Lummis Wins the US Senate Seat

Well, it started here!!

Back in February 2020, FTX futures set up a future contract to bet the investors whether the current President Donal Trump would regain the chair or lose to Joe Biden. The two tokens named ‘TRUMPWIN’ and ‘TRUMPLOSE’ were let out to bet. 

The contract said that the futures contract would expire to if the bet stands correct. For example, if you have bet on TRUMPWIN and he wins, you end up redeeming $1 else $0. According to the latest data from FTX.com, majority of the people have bet on ‘TRUMPLOSE’ token. FTX, however, has launched a similar future contract for Joe Biden too.

With many people predicting a win for Joe Biden, the FTX CEO might have considered donating to the Biden’s presidential campaign rather than Trump.

At present, due to strict laws in the US on crypto exchanges and activities, many establishments are facing hard times. Ripple is one among them who is considering relocating their base out of the United States.

Therefore in such an environment, sometimes a positive push might give a way to again re-escalate the regulatory norms in the country. It is prominent that, after the candidate wins, the individuals or the organizations who contributed to his/her success, could possibly hear their considerations. 

At present during the time of reporting, Joe Biden has won 264 electoral votes and require only 7 votes to become the new President of the United States. Whereas, Donald Trump has a very long way to go!

However, it would be very interesting to view if Joe Biden takes charge as the President, whether will he re-view the crypto regulations in the US?

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