Economy, Abortion, Immigration
In the first debate on June 27, U.S. President Joe Biden and presidential candidate Donald Trump debated key issues including the economy, abortion rights, immigration and foreign policy.
In the 90-minute debate hosted by CNN, the candidates discussed their plans and capabilities, and briefly mentioned age. Biden is 81 and Trump is 78, making him the oldest presidential candidate ever. But despite the importance of these topics, one important issue was not mentioned at all: cryptocurrencies.
Significant political spending in the cryptocurrency industry
This omission is notable given the significant financial influence the cryptocurrency industry has wielded in the current election cycle: The three cryptocurrency-backed super political action committees (PACs) have raised a combined $202.8 million and spent $93.6 million to influence the 2024 election.
The largest of these, Fairshake PAC, raised $177.8 million and spent $70.8 million, mostly on attack ads targeting congressional candidates. The other two PACs, Protect Progress and Defend American Jobs, raised $25 million and spent $22.8 million. The PAC raised the third-most of any political action committee this cycle, highlighting the industry’s significant investment in shaping political outcomes.
Opinions on cryptocurrencies are mixed among candidates
Trump has pledged to end Biden’s policies, pitching himself as a pro-cryptocurrency candidate. "Cryptocurrency Wars" If elected, he recently met with Bitcoin miners and expressed his enthusiasm for cryptocurrencies. "Made in the USA." Meanwhile, opinions are mixed on Biden’s stance on cryptocurrencies.
Some, like Kraken CEO Dave Ripley, believe Biden is becoming more crypto-friendly, while others, like crypto advocate Mark Cuban, argue that regulatory actions taken by the SEC under a Biden administration could hurt his reelection chances. Despite these differing views, the debate did not touch on crypto-related topics, perhaps because polling data suggests that issues like the economy, inflation, and immigration are more pressing for American voters.
Upcoming Debates and Elections
The first debate overlooked the cryptocurrency industry, but it remains to be seen whether the topic will surface in future debates. Independent candidate Robert F. Kennedy Jr., who did not participate in the CNN debate, hosted an alternative session in which he proposed using AI and blockchain technology to reduce government waste.
Despite his pro-crypto stance, Kennedy’s ideas were presented to a limited audience. As the election approaches and the second debate is scheduled for September 10, both Biden and Trump will continue to refine their messages to voters.
Current polling from FiveThirtyEight shows Trump leading Biden by 0.2 percentage points, while independents like Kennedy are at 9 percent. The general election, which includes contests for the presidency, vice presidency, 435 seats in the House of Representatives, and 34 seats in the Senate, takes place on November 5.