Existing reports reveal that a prominent cryptocurrency participant in Hong Kong is among the highest sponsor’s of Joe Biden’s presidential ambition. With a contribution of $5.2Million, Sam Bankman-Fried, CEO of FTX, a Hong Kong-based cryptocurrency derivatives exchange ranks as the second highest donor to Biden’s campaign.
Biden, who at the time of writing has been announced by several mainstream media companies as the winner of the 2020 presidential election in the United States is perceived by many to be more open with bilateral relationships. This is an area that has been a subject of hot discussion over the last 4 years of President Donald Trump’s administration.
Trump, whose popular mantra is “Make America Great Again” has been criticized for shutting out a lot of international businesses. This has contributed largely to his loss of popularity with many governments and businesses around the world. Perhaps, a Biden victory might open the way for businesses to enter the American market. This is an opportunity that could be useful for Bankman-Fried, his exchange, FTX and the entire blockchain and cryptocurrency community.
This donation has sparked speculation across the cryptocurrency industry, in line with the sentiment of an entry strategy into the US market as suggested above. On his Twitter handle, Adam Cochran, partner at Cinneamhan Ventures described the move as “political lobbying and a great way to get regulation changes”. This was in response to another tweet that described Bankman-Fried as “a relative newcomer to political spending” because of his donation.
It was a donation to a super PAC that was broad down ballot plays. That’s political lobbying and a great way to get regulation changes.
— Adam Cochran (@AdamScochran) November 5, 2020
Perhaps, the acceptance of such a significant amount of donation could be interpreted as a positive bias towards cryptocurrencies by Biden. However, nothing is certain yet, especially with the incumbent president, Donald Trump refusing to accept the now popular result of the election. As at the time of writing, Trump and his team have insisted on heading to court in order to challenge the much publicized election results.
Regulation is an important aspect of the cryptocurrency industry, and the US market continues to play a significant role in this area. Hong Kong is already known for its openness towards blockchain, cryptocurrency and other emerging technologies.
Perhaps, if in the actual sense of it the actions of Bankman-Fried turns out to be a lobbying that is productive, it could trigger the export of other Hong Kong and Asian-based businesses into the US. Other regions of the world may follow suit, where blockchain, cryptocurrency and other businesses that revolve around emerging technologies are sprouting. Nothing is cast in stone yet as Biden is yet to assume the office of the President of the United States yet, and the actual regulatory environment will only be defined several months from the time of writing.
Iyke Aru is a seasoned author and educator in the blockchain and cryptocurrency industry. He has been in the business of crypto content writing for many years with thousands of his articles across several platforms on the internet. Iyke is based in Nigeria where he stands out as one of the most informed and credible figures in the cryptocurrency industry. Outside blockchain and crypto, you will most likely catch Iyke playing or discussing football with friends and family.