Binance joined an American crypto industry lobbying group as criticism around its regulatory status grows in the wake of FTX’s bankruptcyLeading cryptocurrency exchange Binancean American crypto industry lobbying group, the Chamber of Digital Commerce. It is safe to say that growing criticism around its regulatory status could be the reason for the same.
The lobbying group advocates for a number of crypto-related public policies. These include tax parity for digital assets and Anti-Money Laundering/Know Your Customer compliances for crypto exchanges. The group also advocates greater regulatory clarity for security tokens and research on central bank digital currencies .
Through its political action committee, the group has made donations to three congressional candidates in 2022. These are Republican Representative Patrick McHenry of North Carolina, Republican Senate candidate Blake Masters of Arizona, and Democratic Senator Ron Wyden of Oregon. “As an organization at the crux of the industry’s rapid growth and complex regulatory environment, working hand in glove with policymakers, regulatory bodies and industry groups like the Chamber is imperative for Binance. Such work is fundamental to our shared mission of fostering the sustainable development of sensible regulations for cryptocurrency and blockchain, which ultimately ensures protections for users,” said Binance VP of Public Affairs Joanne Kubba.
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