Jun 28, 2024 at 09:36Contents
In the first head-to-head debate between U.S. President Joe Biden and presidential contender Donald Trump, cryptocurrency was notably absent from the discussion, even as the industry has amassed a multibillion-dollar war chest to sway the election.
Debate Focus
The 90-minute debate, hosted by CNN on June 27, concentrated on topics such as the economy, abortion rights, immigration, and foreign policy. It also touched on the mental fitness of Biden, 81, and Trump, 78, the oldest candidates to ever run for president.
Crypto Industry’s Influence
Despite the absence of cryptocurrency in the debate, three crypto-backed super political action committees (PACs) have raised a substantial $202.8 million from major industry supporters, spending $93.6 million to influence the 2024 elections.
– Fairshake PAC: Raised $177.8 million and spent $70.8 million on attack ads for Congressional candidates.
– Protect Progress and Defend American Jobs: Together raised $25 million and spent $22.8 million this election cycle.
The brand new newsletter with insights, market analysis and daily opportunities.
Let’s grow together!
These PACs rank third in fundraising among all PACs, accepting unlimited donations but unable to coordinate directly with campaigns.
Candidates’ Positions on Crypto
– Donald Trump: Promises to end Biden’s so-called “war on crypto” and recently met with Bitcoin miners, advocating for the cryptocurrency to be “made in America.”
– Joe Biden: Some industry insiders, like Kraken CEO Dave Ripley, believe Biden is becoming more favorable towards crypto. Conversely, others like Mark Cuban criticize the SEC’s crypto enforcement actions, suggesting it could harm Biden’s re-election chances.
Public Opinion
Gallup polls from last month indicate that crypto is not a priority for American voters, who are more concerned with the economy, inflation, governance, and immigration.
Independent Candidate
Pro-crypto independent candidate Robert F. Kennedy Jr. did not qualify for the debate but held an alternative event on X, where he discussed using “AI and blockchain to eliminate waste in government.”
Polling and Future Debates
Trump leads Biden by a narrow margin of 0.2 percentage points in national polls, with Robert F. Kennedy Jr. polling at 9%. The next debate between Biden and Trump is scheduled for September 10, ahead of the November 5 elections for president, vice president, all 435 House seats, and 34 of the 100 Senate seats.
9
