This U.S. presidential election has seen cryptocurrencies become a major policy issue for the first time, and the industry is preparing for the possibility that President Joe Biden and former President Donald Trump may discuss it during their upcoming debate. Crypto advocacy group Stand With Crypto has launched an online campaign to urge CNN to include a question about crypto in the debate. A spokesperson for the group mentioned that nearly 2,300 people have signed the petition so far.
“It would be a missed opportunity for CNN not to address where the presidential candidates stand on this crucial economic issue,” stated spokeswoman Sabrina Siddiqui. She highlighted that the group has a significant number of members in Georgia, where the debate will take place, surpassing the gap between the candidates in their previous 2020 contest. The letter from Stand With Crypto emphasizes the importance of educating the electorate on digital assets and helping crypto owners make informed decisions at the ballot box.
Biden’s stance on cryptocurrencies is well-known within the industry, as evidenced by his executive orders, White House statements, and regulatory appointments. On the other hand, Trump’s administration did not make substantial moves in the crypto space, but his recent shift from skepticism to strong support for the technology is noteworthy. Kristin Smith, CEO of the Blockchain Association, highlighted the significance of discussing crypto on a major political stage and the industry’s progress in conveying its value to the national debate.
Trump has emerged as a vocal advocate for U.S. crypto mining and a critic of issuing a central bank digital currency (CBDC), contrasting with Biden’s plans to tax miners and explore CBDCs. A spokesperson for the DeFi Education Fund expressed appreciation for the candidates recognizing the importance of debating digital asset regulation and promoting responsible regulations that foster innovation in the U.S.
Overall, the discussion of cryptocurrencies in a presidential debate reflects the industry’s increasing influence and the growing interest in digital assets among the public. It demonstrates the need for policymakers to engage with these issues and develop regulations that support innovation while ensuring consumer protection. As the debate approaches, stakeholders in the crypto space are eager to hear the candidates’ perspectives and see how their policies could impact the industry moving forward.