The first general debate in the 2024 U.S. presidential election, held between current President Joe Biden and former President Donald Trump, did not include discussions on the topic of cryptocurrency. The debate, hosted by CNN anchors Jake Tapper and Dana Bash in Atlanta, Georgia, covered a range of issues including the economy, abortion, immigration, and foreign policy.
Despite the absence of direct mention, the cryptocurrency industry had hoped for its inclusion, especially after Trump had previously addressed crypto-related matters during his campaign. Trump had made promises regarding commuting the sentence of Silk Road’s Ross Ulbricht and expressed opinions on regulatory measures. On the other hand, Biden’s stance on cryptocurrency remains relatively unknown, although his administration has indicated a willingness to collaborate with Congress on crypto-related legislation.
Throughout the debate, Biden, who has been in office since January 2021, appeared hoarse and soft-spoken, possibly due to a cold, while Trump was more vocal and articulate, albeit facing fact-checking challenges on his statements. The cryptocurrency sector anticipates a favorable legislative environment under the new administration and Congress, with significant political contributions being made by industry players like Coinbase, Ripple, and Andreessen Horowitz.
Efforts to support crypto-friendly candidates through political action committees, such as Fairshake, have gained momentum, with substantial funding directed towards campaigns against certain incumbents. The industry’s engagement in the election process aims to influence policy decisions that could impact digital asset businesses.
The debate’s focus on the economy included discussions on inflation, the cost of living, and the national debt. While the topic of technology policy, including cryptocurrency regulation, was largely overlooked, the crypto community remains vigilant about potential shifts in the regulatory landscape based on the election outcomes.
In a prediction market on Polymarket, Trump was favored to win the election, with bets indicating a higher probability of his victory compared to Biden. This speculation underscores the uncertainty surrounding the election outcome and its potential implications for various sectors, including cryptocurrency.