According to Opensecrets.org data, Sam Bankman-Fried, the founder of crypto derivatives exchange FTX and trading firm Alameda, has made a $5.2 million contribution to the campaign of U.S. Democratic presidential candidate Joe Biden. He is cited as one of the top donors in the 2020 cycle that contributed $5,220,000 to Biden’s presidential election campaign against President Donald Trump. As the historic U.S. election result approaches, the nervousness can be sensed in the atmosphere. Currently, Democrat Candidate Joe Biden is leading in votes.
The donation was made via Alameda.
Current data from the Associated Press shows that Joe Biden leads the race with 264 electoral votes at the time of writing – six electoral college points away from clinching the 2020 presidential election. Opensecret.org specified that the donation by FTX founder “came from the organizations’ PACs; their individual members, employees or owners; and those individuals’ immediate families.” As such, the organizations themselves did not donate, as they are prohibited by law from doing so at the federal level. Bankman-Fried confirmed to the crypto news outlet The Block that he donated Alameda, the market making and trading firm he runs as CEO.
What would crypto regulations like under Joe Biden’s presidency?
The democrat candidate Joe Biden is labeled a “moderate” and “centrist” by many political analysts. However, Joe Biden has not made any comments about crypto regulations, but it is expected that if the Democrats win the elections, there could possibly be a more open approach to crypto regulations in the United States. The current U.S. President had made his stance clear on cryptocurrencies last year when he tweeted how he does not like the idea of decentralized currencies. The crypto community would be hoping that if Democrats come into power, then the approach to regulating cryptocurrencies would be more positive.