Sam Bankman-Fried, the founder of crypto derivatives exchange FTX and trading firm Alameda Research, has donated over $5 million to the presidential campaign of Democratic presidential nominee Joe Biden.
FTX’s CEO donated $5,220,000 to Biden’s presidential election campaign against President Donald Trump. The donation “came from the organizations’ PACs; their individual members, employees or owners; and those individuals’ immediate families.” FTX and Alameda Research themselves did not donate, as Presidential Campaigns are prohibited from accepting contributions from corporations , including nonprofit corporations.
According to current data from the Associated Press, 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.
The crypto community are hoping that if Democrats come into power, then the approach to regulating cryptocurrencies would be more positive. As a reminder, last year, the current U.S. President tweeted that he does not like the idea of decentralized currencies. 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.