In their critical 90-minute debate, US President Joe Biden and his predecessor Donald Trump failed to mention cryptocurrency, despite the millions raised by crypto lobbyists ahead of the election.
The opening duel, hosted by CNN, spotlighted the candidates’ stances on economic plans, abortion rights, immigration, and foreign policy and ignored the crypto sector entirely. The silence comes despite Political Action Committees (PACs) financed by crypto interests raising $202.8 million and spending $93.6 million to sway the 2024 elections.
Amongst the notable contributors are super PACs like Fairshake, Protect Progress, and Defend American Jobs. These three entities have cumulatively raised the third largest amount in PAC history, aiding PACs allowing unlimited donation sizes but deterring campaign coordination.
Despite the snub, the crypto sector remains hopeful of its prospects with the potential victors. Trump has previously shown support for Bitcoin and has pledged to terminate Biden’s alleged ‘war on crypto.’ In contrast, Biden seems to be warming up towards the crypto industry, although his association with SEC chief, Gary Gensler, whose stringent enforcement actions against crypto-related ventures are unpopular, could undermine his appeal to that sector.
Meanwhile, polling data shows that despite the crypto industry’s fervent financial support, crypto isn’t a primary concern for most US voters. Consequently, its lack of airtime during the presidential debate can be attributed to its perceived non-crucial role in swaying voter decisions.
The second of the Biden-Trump debate series is expected on September 10, while the US presidential elections, alongside other key electoral contests, have been scheduled for November 5.