Key Points:
- The debate covered the economy, abortion rights, immigration, foreign policy, and candidate fitness; crypto was notably omitted.
- Biden highlighted job growth; Trump criticised inflation and debt, advocating stricter immigration controls.
- Industry raised $202.8 million, with Trump supporting innovation and promising to end Biden’s “war on crypto.”
- Trump leads with 41.1%, Biden at 40.9%, and independent Kennedy Jr. at 9%, advocating blockchain and AI.
In a highly anticipated debate hosted by CNN in Atlanta, Georgia, President Joe Biden and former President Donald Trump engaged in a heated discussion covering various pressing issues. Moderated by Jake Tapper and Dana Bash, the debate spanned ninety minutes. Debate tackled topics such as the economy, abortion rights, immigration, foreign policy, and the mental capabilities of the candidates. Notably, the debate did not touch upon cryptocurrency, a topic of growing significance in both financial and political spheres, leaving many crypto enthusiasts disappointed.
Economic Issues Dominate as $93.6M Crypto Industry Left Out
The debate’s primary focus remained on traditional economic issues and social policies. Biden and Trump sparred over their respective economic records, with Biden highlighting job growth and infrastructure investments under his administration. At the same time, Trump criticised what he termed the “disastrous economic policies” of the current administration, pointing to inflation and national debt.
Abortion rights also took centre stage, with both candidates reaffirming their positions amidst a landscape altered by recent Supreme Court decisions. Immigration policy, a perennial topic in American politics, saw Trump reiterate his hardline stance, advocating for stricter border controls and a wall. In contrast, Biden emphasised a more compassionate approach and underscored the need for comprehensive immigration reform. However, neither candidate mentioned how crypto could affect the economic future.
Foreign Policy and Fitness Debated; Silence Noted
Foreign policy discussions revolved around the United States’ role on the global stage. Biden defended his administration’s alliances, while Trump criticised what he described as weakened American influence. The debate also scrutinised the mental and physical fitness of the candidates. This issue has gained prominence given both candidates’ advanced ages. Despite the importance of these issues, the glaring omission of any discussion on cryptocurrency highlights a significant gap in addressing emerging financial technologies, particularly as crypto continues to evolve rapidly.
Crypto Industry’s $202.8M Influence Highlighted
The crypto industry itself remains a significant player in the political landscape. In the current fundraising cycle, the industry has raised a substantial $202.8 million and spent $93.6 million. Key players like Fairshake PAC have raised $177.8 million and spent $70.8 million, showcasing the sector’s financial clout. Trump has positioned himself as a proponent of the crypto industry, promising to end what he calls Biden’s “war on crypto”. Moreover, he advocated for cryptocurrency to be “made in America.” He recently hosted a meeting with Bitcoin miners to support this stance, signalling his commitment to fostering a favourable environment for digital assets and crypto innovation.
Biden’s Stance Criticized Amid $177.8M PAC Funding
While facing criticism for its regulatory stance, Biden’s administration is perceived to be softening towards cryptocurrency. Critics, including Kraken CEO Dave Ripley, have noted this shift, though concerns remain about regulatory head Gary Gensler, whose stringent oversight has drawn ire from the digital asset industry. Public support for cryptocurrency remains tepid. Only 7% of Americans use digital assets, according to a recent Federal Reserve survey, down from 12% in 2021. However, the sector has seen surprising bipartisan support for recent bills aimed at regulation, indicating a potential shift in legislative attitudes towards crypto.
Polling: Trump 41.1%, Biden 40.9%; Crypto Future Discussed
According to the latest poll from FiveThirtyEight, dated June 27, 2024, Trump holds a slight lead over Biden with 41.1% to 40.9%, while independent candidate Robert F. Kennedy Jr. garners 9%. Kennedy, excluded from the debate due to not meeting CNN’s requirements, hosted an alternative event on X. He advocated for the use of AI and blockchain to reduce government waste, indirectly promoting crypto technologies.
The absence of cryptocurrency from the debate highlights a gap in the discourse on emerging financial technologies. As the industry continues to exert significant political and economic influence, future debates and political platforms may need to address the growing relevance of digital assets. The evolving landscape suggests that both candidates and the electorate will increasingly need to consider the implications of cryptocurrency in shaping the nation’s economic and regulatory future.
