Despite raising millions, crypto lobbyists were disappointed as Biden and Trump avoided the topic of cryptocurrency in their first 2024 election debate. Discover the surprising dynamics at play in the crypto-political landscape.
In a striking omission, United States President Joe Biden and presidential candidate Donald Trump avoided discussing cryptocurrency during their first head-to-head debate, despite the crypto industry amassing a multibillion-dollar war chest aimed at influencing the upcoming elections.
Debate Highlights and Omitted Topics
The 90-minute debate, hosted by CNN on June 27, concentrated on the economy, abortion rights, immigration, and foreign policy. Notably, it also broached the topic of the candidates’ mental capabilities, given Biden’s age of 81 and Trump’s age of 78, making them the oldest candidates to ever run for U.S. president. However, the debate left out any mention of cryptocurrency, a surprising move considering the substantial financial efforts made by crypto lobbyists this election cycle.
The Crypto Industry's Political Efforts
Crypto lobbyists have been active, with three prominent crypto-backed super political action committees (PACs) raising a staggering $202.8 million. Of this, $93.6 million has already been spent to influence the 2024 elections. These PACs have become significant players in the political arena, ranking third in total fundraising among all PACs.
Major PAC Contributions
Fairshake PAC: This PAC has raised $177.8 million and expended $70.8 million primarily on attack ads targeting Congressional candidates.
Protect Progress and Defend American Jobs: Collectively, these two super PACs have raised $25 million and spent $22.8 million in this year’s elections.
Despite these considerable financial efforts, crypto's non-mention in the debate raises questions about the influence of these contributions on the presidential race.
Trump’s Stance on Crypto
Trump has been vocal about his support for the crypto industry, promising to end what he terms Biden’s “war on crypto” if he is elected. Recently, he hosted a meeting with Bitcoin miners, emphasizing his desire to see cryptocurrency “made in America.” This commitment is part of his broader economic strategy, aiming to bolster domestic production and innovation in the tech sector.
Divergent Views in the Crypto Community
Within the crypto community, opinions on Biden’s stance vary. Kraken CEO Dave Ripley believes Biden is becoming more receptive to cryptocurrency. On the other hand, prominent crypto advocate Mark Cuban argues that the head of the nation’s securities regulator could significantly harm Biden’s re-election chances due to a series of crypto-related enforcement actions.
Voter Priorities and Crypto’s Relevance
Despite the intense lobbying and significant sums spent, recent Gallup polls indicate that cryptocurrency is not a primary concern for most American voters. Instead, the economy, inflation, poor governance, and immigration dominate voter priorities. This discrepancy highlights a potential disconnect between the crypto industry’s focus and the broader electorate's concerns.
Independent Candidate Robert F. Kennedy Jr.
Independent candidate Robert F. Kennedy Jr., known for his pro-crypto stance, did not meet CNN’s criteria to participate in the debate. He claimed the network “rigged the rules” and hosted an alternative “real debate” on X (formerly Twitter) simultaneously. During this solo event, Kennedy reiterated his commitment to using AI and blockchain technology to eliminate government waste and save money, a position he first articulated in April.
Polling and Future Debates
As of the latest polls from FiveThirtyEight conducted before the debate, Trump leads Biden by a narrow margin of 0.2 percentage points (41.1% to 40.9%), with Kennedy polling at 9%. These figures underscore the highly competitive nature of the 2024 presidential race.
The next debate between Biden and Trump is scheduled for September 10, providing another opportunity for the candidates to address the nation’s pressing issues, including the future of cryptocurrency.
The U.S. elections on November 5 will determine the president, vice president, all 435 House seats, and 34 of the 100 Senate seats. As the election date approaches, the role of cryptocurrency in shaping political discourse and policy remains an area of significant interest for both industry stakeholders and voters alike.
(JESSE COGHLAN, COINTELEGRAPH, 2024)