In a 90-minute debate on Thursday, United States President Joe Biden and former President Donald Trump failed to address the topic of cryptocurrency, despite crypto lobbyists contributing millions of dollars to the current election cycle.
The CNN-hosted debate, held on June 27, focused on various issues such as economic plans, abortion rights, immigration, and foreign policy. It also briefly touched on the mental capabilities of the candidates, with Biden, 81, and Trump, 78, being the oldest to run for president.
Despite three crypto-backed super PACs raising a total of $202.8 million from major industry supporters and spending $93.6 million to influence the 2024 elections, the crypto sector was not mentioned at all in the debate.
One of the PACs, Fairshake PAC, raised $177.8 million and spent $70.8 million on the current election cycle. The other two related super PACs, Protect Progress and Defend American Jobs, collectively spent $22.8 million after raising $25 million.
If elected, Trump has promised to end what he sees as Biden’s “war on crypto” and has shown support for American-made cryptocurrency during a meeting with Bitcoin miners. However, some industry insiders believe Biden is becoming more receptive to crypto, while others fear that the U.S. Securities and Exchange Commission’s actions under Gary Gensler could harm Biden’s chances in the election.
According to Gallup polls from May, crypto is not a top priority for American voters, who are more concerned about the economy, inflation, governance, and immigration.
Meanwhile, independent candidate Robert F. Kennedy Jr., a vocal supporter of crypto, did not meet CNN’s requirements to participate in the debate. He accused the network of bias and held his own alternative “real debate” simultaneously.
Currently, Trump leads Biden by a slim margin in national polling, with Kennedy polling at 9.1%. The second debate between Biden and Trump is scheduled for Sept. 10, with the elections for president, vice president, House seats, and Senate seats set for Nov. 5.