In the first head-to-head debate between President Joe Biden and former President Donald Trump, cryptocurrency was conspicuously absent from the discussion, despite the substantial financial influence of crypto lobbyists in the current election cycle.
Debate Overview
The debate, hosted by CNN on June 27, focused on major topics such as economic plans, abortion rights, immigration, and foreign policy. It also briefly addressed the mental capabilities of both candidates, with Biden at 81 and Trump at 78, being the oldest presidential candidates in U.S. history.
Despite the crypto industry raising significant funds to influence the elections, neither candidate mentioned cryptocurrency. Three crypto-backed super political action committees (PACs) have collectively raised $202.8 million and spent $93.6 million in an effort to sway the 2024 elections, but this did not translate into any discussion on crypto policy during the debate.
Political Spending and Influence
According to OpenSecrets, Fairshake PAC has raised $177.8 million and spent $70.8 million of it primarily on attack ads for congressional candidates. Two other super PACs, Protect Progress and Defend American Jobs, have collectively spent $22.8 million after raising $25 million. These PACs rank third in terms of fundraising among all PACs and can accept unlimited donations, although they are prohibited from coordinating directly with campaigns.
Candidates' Stance on Crypto
If re-elected, Trump has promised to end what he calls Biden’s “war on crypto” and recently met with Bitcoin miners, expressing his desire for the cryptocurrency to be “made in America.” On the other hand, some industry leaders, like Kraken CEO Dave Ripley, believe Biden is becoming more favorable towards crypto. However, others, such as crypto advocate Mark Cuban, criticize the U.S. Securities and Exchange Commission’s enforcement actions under Gary Gensler, suggesting they could negatively impact Biden’s re-election chances.
Voter Priorities and Independent Candidates
Gallup polls from May indicate that American voters do not prioritize crypto, with the economy, inflation, poor governance, and immigration being the top concerns. Independent candidate Robert F. Kennedy Jr., a vocal crypto supporter, did not meet CNN’s requirements to participate in the debate and accused the network of "rigging the rules." Instead, he hosted an alternative debate on social media, where he reiterated his plan to use AI and blockchain to reduce government waste.
Polls and Future Debates
As of a June 27 FiveThirtyEight poll, Trump leads Biden by a slim margin of 0.2 percentage points (41.1% to 40.9%), with Kennedy polling at 9.1%. The second debate between Biden and Trump is scheduled for September 10, with the presidential and vice-presidential elections, along with all 435 House seats and 34 Senate seats, set for November 5.
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