During the first general debate of the 2024 U.S. presidential election, the topic of crypto was noticeably absent, disappointing many in the industry. The debate, which took place in Atlanta, Georgia and was hosted by CNN anchors Jake Tapper and Dana Bash, covered a range of issues including the economy, abortion, immigration, and foreign policy. However, there was little discussion of technology policy, let alone the digital assets industry.
While crypto has been a hot topic for candidates and lawmakers during this election cycle, it gained even more attention after former President Donald Trump started talking about crypto-related issues on the campaign trail. Trump made promises to commute the sentence of Silk Road’s Ross Ulbricht and discussed regulations surrounding crypto. On the other hand, President Joe Biden’s campaign has remained relatively silent on the topic, although his administration has expressed interest in working with Congress to address legislation related to crypto.
During the debate, Biden appeared raspy and soft-spoken, possibly due to a cold, while Trump was louder and more assertive. Fact-checkers scrutinized Trump’s claims more than Biden’s throughout the evening. The crypto industry is hopeful that the next Congress and administration will be more supportive of digital asset businesses. In an effort to influence policy, industry participants are planning to contribute significant amounts of money to political action committees supporting crypto-friendly candidates.
Leading companies in the crypto space, such as Coinbase, Ripple, and Andreessen Horowitz, have already donated close to $50 million each to PACs like Fairshake. These contributions have already had an impact, with PAC support funding ads against certain candidates during the primary season.
Although the debate primarily focused on the economy, with questions about inflation, the cost of living, and the national debt, the absence of any discussion on crypto was notable. Despite this, a prediction market on Polymarket indicated that Trump was favored to win in November, with bets showing a 68% chance of his victory compared to Biden’s 29%.
Overall, the lack of attention given to crypto during the debate is concerning for industry participants who are looking for more clarity on regulatory issues and government support. As the election season progresses, it will be crucial for candidates to address the growing importance of digital assets and blockchain technology in the global economy.