Biden and Trump Avoid Crypto in First 2024 Debate: Industry Reactions

In a 90-minute debate on Thursday, President Joe Biden and former President Donald Trump failed to mention cryptocurrency even once. This omission was notable given the significant financial contributions made by crypto lobbyists for the 2024 election cycle. 

Main Debate Focus: Economy and Policy Issues

Hosted by CNN on June 27, the first of two debates concentrated on economic plans, abortion rights, immigration, and foreign policy. Moderators Jake Tapper and Dana Bash also touched on the mental capabilities of Biden, 81, and Trump, 78, who are the oldest candidates to ever run for president.

Massive Political Spending by Crypto PACs

Despite three crypto-backed super political action committees (PACs) raising a combined $202.8 million and spending $93.6 million to influence the election, the topic was overlooked. Fairshake PAC alone raised $177.8 million and spent $70.8 million on the 2024 election cycle, primarily funding attack ads for congressional candidates. 

Protect Progress and Defend American Jobs, the other two PACs, together spent $22.8 million after raising $25 million. These three PACs are among the top fundraisers, able to receive unlimited donations but prohibited from coordinating directly with campaigns.

Industry’s Hopes and Reactions

Trump, who has previously vowed to end what he calls Biden’s “war on crypto” and met with Bitcoin miners, did not bring up the subject. Meanwhile, Biden’s stance on crypto remains ambiguous, though some industry insiders believe he is becoming more receptive to it. For instance, Kraken CEO Dave Ripley suggests Biden is “softening up” to crypto, whereas others like Mark Cuban criticize the SEC’s enforcement actions under Biden’s administration.

Polls and Public Sentiment

Gallup polls from May indicate that crypto is not a top concern for American voters, who prioritize issues like the economy, inflation, and immigration. Independent candidate Robert F. Kennedy Jr., a pro-crypto advocate, did not meet CNN’s requirements to appear in the debate and held an alternative event where he reiterated his plans to use AI and blockchain to reduce government waste.