Crypto community left disappointed as candidates sidestep Bitcoin and digital assets in key debate.
President Joe Biden and former President Donald Trump faced off in their first debate of the 2024 election season on Thursday, June 27, in a high-stakes encounter that highlighted stark contrasts between the two candidates.
The 90-minute discussion, hosted by CNN in Atlanta, covered many critical issues, including the economy, abortion, immigration, foreign policy, and democracy, but failed to include any reference to Bitcoin or crypto.
Neither President Joe Biden nor former President Donald Trump mentioned the industry, despite significant anticipation from the crypto community and substantial financial contributions from crypto-backed super PACs.
Crypto-backed super PACs have raised over $200 million, with Fairshake PAC alone raising over $170 million and spending millions primarily on attack ads for congressional candidates. Further, according to Stand With Crypto, many politicians from both sides are now firmly supportive of crypto, with only 41 strongly against it.
Trump, who has previously positioned himself as pro-crypto, did not bring up the topic during the debate, which offered limited time for extended discourse. Candidates were limited to 2 minutes of talking time, perhaps hindering opportunities to bring up Bitcoin and the scale of crypto’s impact on the economy.
Trump has been vocal about his support for the industry, even hosting a meeting with Bitcoin miners earlier this month and expressing his desire for the crypto to be “made in America.” On the other hand, Biden’s administration has been perceived as more skeptical towards the industry, though some industry leaders suggest that his stance may be softening. However, any substantive positive progress on the matter from the sitting President has yet to materialize.
The debate took contentious turns on several issues, including the economy, abortion, foreign policy, and immigration, but Bitcoin and crypto were never brought up.
Throughout the debate, Biden struggled at times, appearing hesitant and occasionally stumbling over his words. This performance did little to ease concerns about his age and fitness for office, a point of criticism often raised by Republicans. Trump, on the other hand, appeared more assertive and confident, though he interspersed his rhetoric with numerous contentious claims.
Former United States Democratic Senator Claire McCaskill described Biden’s poor performance,
“My job now is to be really honest. Joe Biden had one thing he had to do tonight and he didn’t do it. He had one thing he had to accomplish and that was to reassure America that he was up to the job at his age and he failed at that tonight.”
In the aftermath, Biden attributed his performance issues to a sore throat, while Trump’s campaign and many in the crypto industry viewed the debate as successful. The event has intensified discussions about candidates’ capabilities and their contrasting visions for the nation’s future.
The absence of crypto discussion in this first debate highlights that while the industry has gained significant attention and financial influence, it has not yet become a central issue in mainstream political discourse for the 2024 presidential election.

Consensys calls SEC investigation closure a pivotal moment for Ethereum and blockchain innovation
The SEC has closed its investigation into Ethereum 2.0, determining that sales of ETH are not securities transactions. The decision comes after a letter from Consensys on June 7, seeking clarity following the May approvals of ETH ETFs, which were based on ETH being classified as a commodity. Consensys stated,
“Today we’re happy to announce a major win for Ethereum developers, technology providers, and industry participants: the Enforcement Division of the SEC has notified us that it is closing its investigation into Ethereum 2.0.This means that the SEC will not bring charges alleging that sales of ETH are securities transactions.”
Ethereum rose over 4% overnight following the news, pulling the rest of the crypto market with it as many projects positive over the past 24 hours. Bitcoin is the notable exception, down 0.74% according to CryptoSlate data as of press time.
Consensys announced this development as a significant victory for Ethereum developers and the broader industry. The closure of the investigation signifies a pivotal moment for the Ethereum community, providing a reprieve from potential regulatory actions that could have categorized ETH as a security. The SEC’s decision aligns with the Commodity Futures Trading Commission’s (CFTC) stance, which has consistently classified ETH as a commodity.
Despite this positive outcome, Consensys continues its legal battle against the SEC to secure further regulatory clarity. The company argues that the SEC’s enforcement actions against blockchain developers and technology providers have been overly aggressive and unlawful. Consensys’s lawsuit also seeks a declaration that offering user interface software like MetaMask Swaps and Staking does not violate securities laws.
As Consensys emphasized, the legal fight is not just about Ethereum but about safeguarding the future of blockchain innovation in the United States. The SEC’s stance on Ethereum had posed a risk to adopting and developing blockchain technologies, with potential negative implications for US leadership in this sector. By challenging the SEC’s authority, Consensys aims to prevent what it describes as an unlawful power grab that could hinder technological advancements and economic opportunities.
The resolution of the Ethereum investigation marks a critical juncture, but Consensys insists that the broader regulatory environment still requires significant reform. The company’s lawsuit highlights the need for clear guidelines that support innovation while ensuring compliance with existing laws. As the blockchain industry evolves, resolving these regulatory issues will be crucial in determining the pace and direction of technological progress.
According to Consensys, fighting for regulatory clarity is essential to ensuring blockchain technology continues growing and contributing to the economy. The company’s actions reflect a broader concern within the crypto community about the need for balanced regulation that fosters innovation without stifling growth.
Industry participants and regulators alike will closely watch the outcome of Consensys’s ongoing legal battle with the SEC. The case highlights the tensions between regulatory oversight and technological innovation, a dynamic that will shape the future of blockchain technology and its applications. Via- Cryptoslate.