In the recent 90-minute presidential debate, neither President Joe Biden nor his predecessor, Donald Trump, broached the subject of cryptocurrency. This omission occurred despite the fact that crypto advocates have poured millions into the current election cycle.
The debate, which was the first of two planned CNN debates and took place on June 27, covered a range of topics including economic strategies, reproductive rights, immigration, and international relations. The discussion also briefly touched upon the candidates’ cognitive abilities, with Biden at 81 and Trump at 78, marking them as the oldest individuals to seek the presidency.
In spite of the fact that three crypto-supported super PACs amassed $202.8 million from major players in the industry and expended $93.6 million to sway the 2024 elections, the topic of cryptocurrency was conspicuously absent from the debate.
At the inaugural 2024 presidential debate in Atlanta, Trump is pictured on the left and Biden on the right. Credit: CNN
When it comes to political contributions, the numbers are staggering. The Fairshake PAC alone has raised $177.8 million and spent $70.8 million in the current election cycle, as reported by OpenSecrets. A significant portion of this funding has been allocated to finance negative campaigns against congressional hopefuls.
Additionally, two other super PACs, Protect Progress and Defend American Jobs, have collectively expended $22.8 million in this year’s elections, having raised $25 million. These three super PACs rank third in fundraising among all PACs and are notable for their ability to accept donations of any size, though they are prohibited from coordinating directly with campaigns.
Trump has pledged to dismantle what he terms Biden’s “assault on crypto” if he is re-elected. Earlier in June, he convened a meeting with Bitcoin miners, expressing his desire for the cryptocurrency to be “made in America.”
However, opinions within the crypto sector vary. Kraken CEO Dave Ripley has suggested that Biden is becoming more receptive to cryptocurrency. Conversely, crypto proponent Mark Cuban has criticized the chairman of the U.S. Securities and Exchange Commission, Gary Gensler, claiming his stringent enforcement actions could cost Biden the election.
According to Gallup polls from May, cryptocurrency is not a primary concern for American voters, who are more focused on the economy, inflation, governance, and immigration.
In related news, the independent candidate with a favorable stance on crypto, Robert F. Kennedy Jr., did not meet CNN’s criteria to participate in the debate. He accused the network of manipulating the rules and concurrently held an alternative “real debate.”
During this solo event, Kennedy reiterated his April assertion that he would leverage AI and blockchain technology to reduce governmental waste and save funds.
Current national polls show a tight race, with Trump leading Biden by a mere 0.2 percentage points (41.1% to 40.9%), while Kennedy trails with 9.1%, based on a FiveThirtyEight poll conducted on June 27, prior to the debate.
The national polling averages for the U.S. presidential election, as provided by FiveThirtyEight.
The next debate between Biden and Trump is scheduled for September 10, with the elections for president, vice president, all 435 House seats, and 34 Senate seats set for November 5.
In the magazine section, the focus is on the apprehension and skepticism of lawmakers, which is fueling the proposed cryptocurrency regulations in the U.S.