During the first 2024 presidential debate held in Atlanta, Georgia, hosted by CNN, cryptocurrency was notably absent from the discussions.
President Joe Biden and former President Donald Trump did not address the topic despite significant financial contributions from the crypto industry aimed at influencing the election. Instead, the debate concentrated on more conventional topics such as economic plans, abortion rights, immigration, and foreign policy.
The 90-minute debate, moderated by CNN anchors Jake Tapper and Dana Bash, focused on the economy, discussing inflation, the cost of living, and the national debt. The conversation briefly addressed the candidates’ mental capabilities, with Biden, 81, and Trump, 78, the oldest candidates in U.S. presidential history.
Crypto Lobbying and Industry Influence
According to OpenSecrets, a trio of crypto-backed super political action committees (PACs) have raised $202.8 million and spent $93.6 million to influence the 2024 elections. Fairshake PAC alone has raised $177.8 million and spent $70.8 million, primarily on attack ads for congressional candidates.
Despite this financial push, the debate did not touch upon digital assets or the regulatory landscape surrounding them. This lack of discussion surprised many in the industry, especially given Trump’s previous comments about ending Biden’s “war on crypto” and his recent meeting with Bitcoin miners.
While Trump publicly stated his desire to foster a more favorable environment for cryptocurrency, Biden’s position remains to be determined. His administration has suggested a willingness to work with Congress on crypto-related legislation, but his campaign has not made explicit statements about the digital asset industry.
Notably, independent candidate Robert F. Kennedy Jr., who did not meet CNN’s requirements to participate in the debate, has expressed pro-crypto views. In an alternative discussion hosted on X, Kennedy advocated using AI and blockchain technology to reduce government waste.
Public and Industry Reactions
Despite the crypto industry’s heavy financial involvement in this election cycle, the lack of discussion on cryptocurrency during the debate reflects its lower priority among American voters. Gallup polls from May indicate that the economy, inflation, poor governance, and immigration are the primary concerns for the electorate.
The crypto industry’s hopes for more favorable legislation from the next administration still need to be fulfilled in the debate’s discourse. Industry leaders like Kraken CEO Dave Ripley have noted Biden’s potential shift towards a more positive stance on crypto, while others, such as Mark Cuban, criticize the regulatory actions under Biden’s administration as detrimental.
Moreover, the next debate between Biden and Trump is scheduled for September 10, providing another opportunity to discuss cryptocurrency.
National polling averages from FiveThirtyEight show a tight race between Biden and Trump, with Trump holding a slight lead of 0.2 percentage points (41.1% to 40.9%). Independent candidate Kennedy is polling at 9.1%. The absence of crypto discussions in the debates thus far leaves the industry’s future in political limbo, awaiting further clarification in subsequent campaign events.
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