Crypto Silence: Biden-Trump Debate Ignites Industry Concerns

In a 90-minute clash, President Joe Biden and former President Donald Trump avoided any mention of cryptocurrency, despite extensive lobbying efforts and campaign spending aimed at influencing the election.

Election Focus: Economy, Immigration, and More

The first CNN-hosted debate on June 27 centered on economic plans, abortion rights, immigration, and foreign policy. Notably absent was any discussion on the multibillion-dollar crypto industry, despite significant lobbying efforts.

Crypto Lobbying Blitz

Three crypto-backed super PACs raised a staggering $202.8 million for the 2024 elections, yet crypto didn't make the debate agenda. This includes Fairshake PAC, which alone spent $70.8 million on influencing congressional races with attack ads.

Candidates' Crypto Stances

Trump has pledged to counter Biden's perceived "war on crypto" and recently met with Bitcoin miners to promote U.S.-based crypto production. Meanwhile, Biden's approach to crypto has been seen as evolving, with industry figures noting a potential softening stance.

Industry Reactions and Predictions

Industry figures like Kraken's CEO suggest Biden may be warming up to crypto, contrasting with concerns over SEC actions potentially swaying election outcomes. Polls show crypto isn't a top voter concern, focusing more on the economy, inflation, and governance.

Outlook and Next Debate

Despite the silence on crypto in this debate, the upcoming September 10 clash between Biden and Trump could bring new insights. With polls tight and an independent candidate, Robert F. Kennedy Jr., in the mix, the race remains unpredictable.

Crypto's Future in Election Discourse

The absence of crypto discussion in the first debate underscores its marginalization in mainstream political discourse, despite substantial financial influence. As the election season progresses, industry advocates and voters alike await further developments on the crypto front. It remains to be seen whether future debates will address the regulatory and economic implications of cryptocurrency. For now, the crypto community continues to push for recognition and clarity from policymakers.