It’s hard to find anything more important than tracking the FTX crisis as well as Binance moves to regain trust among investors. As FTX and Binance are the big whales in the centralized crypto space and any kind of small news or update from them can impact the market, it is also important because it will shape the future of the centralized crypto space.

1. FTX Going After US Politicians for Recovery

You might have heard that FTX was involved in the donations and had donated well over $70 Million to US politicians, which includes both Democratic as well as Republican groups. It is said that FTX was the second largest donor to Democratic groups while it has donated $24 Million to the Republic groups, and an important point to note here is that it was all the user's money, probably your money!

Now FTX is looking to recover the donated funds from these politicians to repay customers. Again, these donations were made from the users’ money so they would not be treated as normal/regular donations. FTX has also made a statement that some of the politicians came forward and agreed upon repaying the donation that they got from SBF-FTX, and FTX also made it clear that whoever will not repay the donations voluntarily {{CORRECT }} company will take legal recovery action against them. Some politicians are saying that the donations they received were already donated to the charity, FTX said the following in reply to this:

“Recipents are cautioned that making a payment or donation to a third party (including charity) in the amount of any payment, does not prevent the FTX from seeking recovery from the recipient or any subsequent transferee.”

How crazy it is, the politicians, the policymakers who are supposed to prevent us from the wrongdoings of the greedy capitalists are the ones who take donations from companies like FTX. I am sure that they would have some sort of idea of what FTX is doing, right?

2. Binance Joins US Lobby: Chamber of Digital Commerce

Binance is one of the leading crypto exchanges and is always been on the radar of US financial regulators. Considering the current crypto market situation, the centralized platforms lost their reputation as well as the trust, and Binance one of the leaders in the industry is trying to regain that trust. They brought the concept of the Proof of Reserves, which is looking like a failed move, as the auditing companies are distancing themselves from the crypto industry.

Amid that situation, Binance has got a seat on the Chamber of Digital Commerce, which is the US Lobby for Blockchain. The regional wing of Binance Internation, Binance US is already a member of the Lobby since 2020 but after joining Binance it is considered that it will play an important role in shaping the future of the crypto space due to its connections with the regulators. Before Binance it is considered that the FTX is closing up with the regulators and taking efforts into shaping the crypto regulations but since FTX has gone down, now the Binance is stepping into the picture with US regulators to design and shape the crypto regulations.

It will be interesting to see future work carried out by Binance, as they are one of the oldest and largest players in the crypto space. And has been always on the radar of the US regulators, but it is also being rumored on Twitter that the US regulators can go hard over Binance, because of their past relations with SBF-FTX. We will see how this ends up in upcoming future!

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