Crypto lobbyists have raised millions of dollars for the current election cycle in the United States, but the topic did not come up in the recent 90-minute debate between President Joe Biden and former President Donald Trump. The debate, hosted by CNN 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, both of whom are the oldest to ever run for president at ages 81 and 78, respectively.
Despite three crypto-backed super PACs raising $202.8 million from major industry backers and spending $93.6 million to influence the 2024 elections, the crypto sector was not mentioned during the debate. Fairshake PAC, one of the PACs, has raised $177.8 million and spent $70.8 million on bankrolling attack ads for congressional candidates in this election cycle. The other two super PACs, Protect Progress and Defend American Jobs, have collectively spent $22.8 million after raising $25 million.
If elected, Trump has promised to end what he refers to as Biden’s “war on crypto.” He recently met with Bitcoin miners and expressed his desire for cryptocurrency to be “made in America.” However, some industry insiders, like Kraken CEO Dave Ripley, believe that Biden is becoming more receptive to crypto. On the other hand, others, including crypto advocate Mark Cuban, believe that Gary Gensler, the head of the U.S. Securities and Exchange Commission, and his crypto-related enforcement actions, will cost Biden the election.
Gallup polls from May show that crypto is not a top priority for American voters. The economy, inflation, poor governance, and immigration are considered the key issues facing the country. Robert F. Kennedy Jr., an independent candidate who is outwardly pro-crypto, did not meet CNN’s requirements to participate in the debate. He accused the network of rigging the rules and held an alternative “real debate” at the same time.
In this election cycle, Trump is leading Biden by a narrow margin of 0.2 percentage points in national polling, with Kennedy polling at 9.1%, according to a June 27 FiveThirtyEight poll conducted before the debate. The second debate between Biden and Trump is scheduled for September 10. The presidential and vice presidential elections, as well as the elections for all 435 House seats and 34 of the 100 Senate seats, will take place on November 5.