As a seasoned observer and analyst of the dynamic world of finance, I find myself constantly intrigued by the fascinating intersection between traditional financial systems and emerging technologies like cryptocurrencies and decentralized finance (DeFi). The events of this week are no exception.

During the second presidential debate, crypto wasn’t brought up for discussion. However, the candidates still exchanged views on several other subjects.

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‘Concepts of a plan’

The narrative

In approximately two months, the 2024 U.S. presidential election will take place. Last night, Vice President Kamala Harris and former President Donald Trump engaged in a debate, each presenting their unique perspectives on and visions for the United States.

Why it matters

The election is approaching quickly, within just two more months. In about four months from now, the United States will have a fresh leader as its Commander-in-Chief, who will be able to appoint new heads for regulatory agencies and departments, thereby shaping policy. Naturally, the crypto industry is eagerly watching this development. Unfortunately, the topic did not come up during Tuesday’s event.

Breaking it down

In this analysis, I find myself at a loss for extensive commentary. However, I was part of a team from CoinDesk who closely observed the event. You can delve into our shared insights through my coverage alongside Sam Reynolds, which you can access here. Here are some key observations we made:

Polymarket had Trump up by a few cents in its 2024 election winner market before the debate started. By the end, he and Harris were tied.
Polymarket believes Harris won the debate itself. The contract will resolve after the next Ipsos/538 poll is published with snap results. An immediate CNN poll agreed.
That prior headline has made some people on X (formerly Twitter) a bit upset. Take it up with the Polymarket bettors.
Harris’ strategy seems to have been to bait Trump (comments on crowd sizes, anyone?) and otherwise appeal to undecided, centrist voters in this election, with remarks about the border, being a gun owner, tax credits for young families, tax deductions to small businesses and protecting healthcare rights like abortion.
Trump’s strategy seems to have been to focus on the contrasts between him and President Joe Biden, whose administration Harris is a part of. He commented on his COVID response, his plan to impose tariffs on foreign companies importing goods and otherwise establish himself as the man with the existing bona-fides.
Forget crypto, tech issues generally didn’t make an appearance in this debate. Artificial intelligence, the recent Google monopoly ruling, datacenter expansion, the PS5 Pro being a whopping $700, Huawei introducing a trifold cellular phone that costs four times the PS5 Pro, none of these made the (a little over) 90-minute debate (though to be clear, the moderators did have a lot of topics to get to and there was a lot of extemporaneous back-and-forth.
You can read fact-checks of the candidates’ claims from NPR, CNN or the Wall Street Journal here (WSJ did not publish one unified article hence the Google link) or at your favorite news organization.
It’s unclear whether another debate will be scheduled. Harris campaign officials said they wanted one, while Trump said he’d “look at it.”
The vice presidential nominees – Sen. J.D. Vance and Gov. Tim Walz – will debate on Oct. 1.

Stories you may have missed

Caroline Ellison Shouldn’t Go to Jail After FTX Collapse, Attorneys Say: The former Alameda Research CEO should be sentenced to at most time served and supervised released, Caroline Ellison’s attorneys told a judge Tuesday night. We’re now waiting for the Department of Justice to file its sentencing submission. Ellison will be sentenced on Sept. 24. Who’s joining me in court?
Second U.S. Firm tZero Said to Become Crypto Broker Dealer Under SEC Oversight: tZero says it’s now the second special-purpose broker-dealer, after Prometheum.
Robinhood’s Former Ban on Crypto Withdrawals Draws $3.9M Settlement in California: Robinhood will pay $3.9 million to settle allegations it broke the law by blocking customers from withdrawing crypto between 2018 and 2022.

This week

Crypto Goes Unmentioned Again at Second Presidential Debate

Tuesday

14:00 UTC (10:00 a.m. EDT) The House Financial Services Committee held a subcommittee hearing on decentralized finance.
01:00 UTC Wed. (9:00 p.m. EDT) Vice President Kamala Harris and former President Donald Trump held a debate (see above).

Thursday

14:30 UTC (10:30 a.m. EDT) Kalshiex recently won a case against the U.S. Commodity Futures Trading Commission arguing it should be allowed to list and trade political events contracts (i.e. prediction markets), which the CFTC previously blocked. The CFTC is asking for the judge overseeing the case to prevent Kalshi from immediately listing these contracts while it figures out if it’s going to appeal – importantly, the judge has, as of press time, not published a detailed opinion explaining her order, which the CFTC argues it needs to review. Kalshi, of course, opposed any kind of stay. The judge scheduled a hearing for this Thursday.
16:00 UTC (12:00 p.m. EDT) Former FTX Digital Markets CEO Ryan Salame will appear in court after previously asking Judge Lewis Kaplan to withdraw his guilty plea or vacate his sentence, alleging the Department of Justice lied to him about not prosecuting his partner, Michelle Bond. Salame is trying to withdraw that motion, but the judge wants him in court anyway.

Elsewhere:

(The Wall Street Journal) There was (apparently) a Tik Tok trend where people discovered a “money glitch” where they could deposit a check to their Chase Bank accounts and immediately withdraw the cash, even if they didn’t have enough funds. People did this, seemingly unaware that it’s called “check fraud.” Long story short Chase is now referring these customers to law enforcement officials.
(NBC) Congress faces a Sept. 30 deadline for continuing to fund the government.
(Politico) Politico dug into some of the fights within and around Fairshake, the crypto-focused super political action committee.
(NBC) So this went in a weird direction. A group of lawmakers, including Vice Presidential nominee and Sen. J.D. Vance, claimed that immigrants were eating pets in Springfield, Ohio (a claim reiterated by Donald Trump on the debate stage Tuesday night). This is not the case, but it’s a claim that’s spreading.

If you have ideas for topics I should cover next week, questions, or any other suggestions, don’t hesitate to reach out to me via email at nik@coindesk.com or connect with me on Twitter at @nikhileshde.

You can also join the group conversation on Telegram.

See ya’ll next week!

2024-09-11 14:45

Crypto Goes Unmentioned Again at Second Presidential Debate