Binance is Entering US Politics With Its PAC | Inside Crypto Lobby

The fallout of FTX Global has affected different spheres of the crypto industry as it had multiple significant positions within the industry.

Its demise has left a significant vacuum in the political contributions that SBF was doing for a long time, and industry leaders are seeing it as an opportunity to fill up SBF’s boots. 

In light of these scenarios, Binance registered its Political Action Committee (PAC) with Federal Election Commission this Monday. 

What is Binance.US PAC?

Sam Bank Fried had been a prominent political lobbyist for the crypto industry in the US Congress and generously donated millions of dollars in multiple Democrat campaigns. However, the flow of these funds halted with the fall of FTX and Sam stepping down as its CEO. 

Binance took no time to decide that this is the right time to enter the political sphere of the country when it has adequate time before the next election. Binance has registered Binance.US Political Action Committee with Federal Election Commission and nominated Krishna Juvvadi as the head of Binance’s Legal Operations in the U.S.

Coinbase, another leading centralized exchange, also registered a PAC earlier this year and has donated close to $38K for election campaigns. With the giants coming head-to-head in the war to strengthen their political positions in the USA, it would be exciting to see their contributions in the next presidential elections. 

What Lies Ahead?

Binance is the biggest centralized crypto exchange on the face of the earth and has all the resources to push the right amount of money to make a significant difference in election results. Even though Sam Bankman was a generous donor, Binance is coming into politics with a bigger wallet and greater reasons to donate.

What according to you would be the next move from Binance? Share your views in the comment down below. 

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