Crypto Unmentioned at First 2024 U.S. Presidential Debate

In Atlanta, Georgia on Thursday, CNN hosted the initial debate between the presumptive nominees of their respective parties – President Joe Biden and former President Donald Trump. This 90-minute encounter covered various topics including the economy, abortion, immigration, and foreign policy. The economy was discussed at length, yet technology policy and the digital assets industry were barely addressed during the debate.

As a cryptocurrency analyst, I’ve noticed that the topic of digital assets has gained significant attention during this election cycle, particularly after Trump brought it up on his campaign trail. He expressed intentions to commute the sentence of Ross Ulbricht, who was convicted for running the Silk Road marketplace, and made statements regarding regulation. On the other hand, Biden’s campaign has remained quiet about cryptocurrencies in public, but recent reports suggest that his administration aims to collaborate with Congress on legislation addressing crypto matters.

During the debate held in September 2021, President Joe Biden, who had taken office just over eight months prior, spoke quietly and with a hoarse voice due to a reported cold. In contrast, former President Donald Trump projected a louder and clearer tone. However, it’s important to note that fact-checkers identified more false claims from Trump’s statements than from Biden’s during the course of the debate.

The crypto industry is optimistic about a Congress and administration that could introduce more favorable regulations for digital asset businesses. To achieve this goal, industry players are planning to invest substantial amounts in elections, with companies such as Coinbase, Ripple, and Andresseen Horowitz contributing approximately $50 million each to political action committees like Fairshake, which back candidates who support their agenda.

The industry secured several victories during the initial election round. PACs financed adversional campaigns targeting Representatives Katie Porter of California, who sought a Senate position, and Jamaal Bowman of New York, as part of their re-election bids.

As an analyst, I observed that the initial segment of Thursday’s debate delved into economic matters. The moderators posed questions regarding inflation, the burden on living costs, and the evolution of the national debt throughout recent years.

As a crypto investor, I’ve kept an eye on the prediction markets on Polymarket for insight into the odds of the US presidential election outcome. During the November debate, the market gave Trump a higher probability of winning, with bets peaking at 68 cents per share, while Biden’s odds were at 29 cents.