Biden-Trump Debate: Crypto's Absence Raises Eyebrows

Economy, Abortion, and Immigration

In their first head-to-head debate on June 27, United States President Joe Biden and presidential hopeful Donald Trump sparred over key issues including the economy, abortion rights, immigration, and foreign policy.

Hosted by CNN, the 90-minute debate saw the candidates discussing their plans and capabilities, as well as briefly addressing their advanced ages—Biden is 81, and Trump is 78, making them the oldest candidates to ever run for president. However, despite the importance of these topics, one significant issue went completely unmentioned: cryptocurrency.

Crypto Industry's Significant Political Spending

This omission is notable given the substantial financial influence the cryptocurrency industry has wielded in the current election cycle. Three crypto-backed super political action committees (PACs) have collectively raised $202.8 million, with $93.6 million spent to influence the 2024 elections.

The largest of these, Fairshake PAC, has raised $177.8 million and spent $70.8 million, primarily on attack ads targeting Congressional candidates. Two other PACs, Protect Progress and Defend American Jobs, have together spent $22.8 million after raising $25 million. These PACs have raised the third-most money of any political action committees this cycle, underscoring the industry's significant investment in shaping political outcomes.

Divergent Views on Crypto Among Candidates

Trump has positioned himself as a pro-crypto candidate, promising to end what he describes as Biden’s "war on crypto" if elected. He recently met with Bitcoin miners, expressing his desire for the cryptocurrency to be "made in America." In contrast, opinions on Biden's stance on crypto are mixed.

Some, like Kraken CEO Dave Ripley, believe Biden is becoming more favorable towards crypto, while others, such as crypto advocate Mark Cuban, argue that the regulatory actions by the Securities and Exchange Commission under Biden’s administration could harm his re-election chances. Despite these differing views, the debate did not touch on any crypto-related topics, potentially due to polling data indicating that issues like the economy, inflation, and immigration are more pressing for American voters.

Upcoming Debates and Election

While the first debate overlooked the crypto industry, it remains to be seen if the topic will surface in future discussions. Independent candidate Robert F. Kennedy Jr., who did not qualify for the CNN debate, hosted an alternative session where he proposed using AI and blockchain technology to reduce government waste.

Despite his pro-crypto stance, Kennedy's ideas were presented to a limited audience. As the election approaches, with the second debate scheduled for September 10, both Biden and Trump will continue to refine their messages to voters.

Current polling from FiveThirtyEight shows Trump leading Biden by a narrow margin of 0.2 percentage points, with independent candidates like Kennedy polling at 9%. The general elections, which include races for president, vice president, all 435 House seats, and 34 Senate seats, will take place on November 5.