Despite Heavy Political Spending, Crypto Absent from First Biden-Trump Debate
The first presidential debate between incumbent President Joe Biden and former President Donald Trump, held on June 27, failed to address the topic of cryptocurrencies despite the industry’s significant political spending this election cycle. The 90-minute CNN-hosted debate focused on the candidates’ plans for the economy, abortion rights, immigration, and foreign policy, as well as briefly touching on their mental capabilities given their advanced ages.
Surprisingly, the absence of crypto from the debate comes amidst substantial political spending by crypto-backed super political action committees (PACs). A trio of these PACs has raised a staggering $202.8 million from large industry backers, with $93.6 million already spent to influence the 2024 elections.
Fairshake PAC alone has raised $177.8 million and spent $70.8 million in the current election cycle, primarily on attack ads targeting Congressional candidates. Two other related super PACs, Protect Progress and Defend American Jobs, have collectively spent an additional $22.8 million after raising $25 million.
The lack of crypto discussion in the debate suggests that while the industry is spending heavily to gain political influence, it has not yet become a defining issue in the 2024 presidential race. With a second debate scheduled for September 10, there is still a chance that crypto could emerge as a topic, especially if the industry continues its aggressive lobbying efforts
While Trump has pledged to end what he calls Biden’s “war on crypto” if elected, and recently met with Bitcoin miners to express his desire for cryptocurrency to be “made in America,” some industry leaders believe Biden is warming up to crypto. However, others argue that the head of the SEC’s wave of crypto-related enforcement actions could cost Biden the election.
Recent Gallup polls indicate that crypto is not a top priority for American voters, who are more concerned with issues such as the economy, inflation, poor governance, and immigration.
Independent candidate Robert F. Kennedy Jr., who is openly pro-crypto, did not meet CNN’s requirements to participate in the debate. He hosted an alternative “real debate” on X, where he reiterated his plan to use AI and blockchain to reduce government waste and save money.
With Trump holding a narrow 0.2 percentage point lead over Biden in national polling and a second debate scheduled for September 10, it remains to be seen if crypto will emerge as a more prominent topic in the lead-up to the November 5 elections.
Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information
