Tech
US Presidential Debate: Why Was Cryptocurrency Not Talked About?
The inaugural general debate for the 2024 US presidential election, held on Thursday in Atlanta, Georgia, did not address cryptocurrency issues, disappointing industry observers.
CNN hosts Jake Tapper and Dana Bash moderated the 90-minute face-off between incumbent President Joe Biden and former President Donald Trump. While the debate covered various topics including economics, abortion, immigration and foreign policy, it barely touched on technology policy and completely overlooked digital assets.
As highlighted in a CoinDesk report, this omission occurred despite the recent prominence of cryptocurrencies in election discussions, particularly following Trump’s statements on regulation and his promise to commute Ross Ulbricht’s sentence. Biden’s campaign has remained largely silent on cryptocurrency issues, although his administration recently expressed interest in working with Congress on cryptocurrency-related legislation.
The economy is not the focus
The economic portion of the debate was brief, with questions focusing on inflation, cost of living and national debt. Observers noted Biden’s calm demeanor, which he attributed to a cold, while Trump appeared more animated but faced greater scrutiny from fact-checkers.
The cryptocurrency industry continues to seek favorable legislation, repeating its substantial election spending from 2022. Major players such as Coinbase, Ripple and Andreessen Horowitz have each donated nearly $50 million to political action committees supporting crypto-friendly candidates .
These efforts have produced some success in primary elections, with industry-backed PACs funding ads against candidates perceived as less supportive of cryptocurrency interests. During the debate, a prediction market on Polymarket gave Trump a 68% chance of winning the November election, compared to 29% for Biden.
The absence of discussion of cryptocurrencies in this high-profile debate highlights the ongoing challenge for the sector to secure a place in mainstream political discourse, despite its growing economic and technological importance.
The partisan nature of cryptocurrencies
Cryptocurrency regulation has become a largely partisan issue in the United States, with Republicans more supportive of the cryptocurrency industry than Democrats. However, as the presidential race heats up, Biden has changed tack slightly.
After veto a bipartisan-crypto move That tried to repeal the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121 (SAB 121). Following that move, the Biden campaign Greater engagement with the crypto community and is said to be in talks for potentially accepting cryptocurrency donations via CoinbaseCommerce.