Crypto Gets No Nod in Biden-Trump Debate Despite Lucrative Lobby Funding
Summary:
During their 90-minute debate, US President Joe Biden and presidential candidate Donald Trump failed to address the topic of cryptocurrency, despite substantial funds raised by crypto lobbyists for the current election cycle. The major concerns in voters' minds identified in recent polls were the economy, inflation, governance, and immigration. Independent candidate, Robert F. Kennedy Jr, an outspoken crypto advocate, was excluded from the debate. Currently, in the national polls, Trump slightly leads Biden, with Kennedy at a 9% rate. The next debate stands scheduled for September 10th, ahead of the elections on November 5th.
In their 90-minute debate on Thursday, neither US President Joe Biden nor presidential candidate Donald Trump addressed the issue of cryptocurrency, despite substantial financial contributions from crypto lobbyists for this election period. The first CNN-facilitated debate, held on June 27th, centered on the candidates' projected plans for economy, rights to abortion, immigration policies, and international relations. The event briefly discussed the cognitive abilities of Biden, 81, and Trump, 78, as they are the eldest individuals to vie for presidency in history.
The absence of a cryptocurrency discussion comes despite three crypto-supported super political action committees (PAC) accumulating $202.8 million from generous industry patrons, with $93.6 million of it being utilized to sway the 2024 elections.
In the context of political donations, Fairshake PAC confirmed raising $177.8 million and investing $70.8 million into the current election cycle, according to OpenSecrets, with a significant portion devoted to funding negative campaigns against Congressional candidates. In addition, the related super PACs, Protect Progress and Defend American Jobs, have collectively expended $22.8 million in this year's elections subsequent to a $25 million collection. These three super PACs jointly secured the third-highest monetary support among any PAC and can accept unrestricted donation amounts, although direct campaign collaboration is prohibited.
Donald Trump, in a previous declaration, pledged to terminate Biden's perceived "war on crypto" if voted into office and recently solicited a dialogue with Bitcoin miners, expressing a desire for locally generated cryptocurrency. However, several industry players including Dave Ripley, CEO of Kraken, suggest that Biden exhibits a more flexible approach towards cryptocurrency. Critics like Mark Cuban accuse the overseer of the country's securities regulation of costing Biden the election due to their series of enforcement actions on crypto-related matters.
According to Gallup polls from the previous month, cryptocurrency does not primarily concern American voters who tended to prioritize the nation’s economic state, augmented inflation, deficient governance and immigration over it.
Despite these facts, CNN dismissed the self-declared crypto-positive independent candidate, Robert F. Kennedy Jr, from participating in the debate because he failed to fulfill network requirements. He challenged the network's criteria as "rigged", independently hosting a "real debate" where he advocated the use of “AI and blockchain to eradicate governmental waste and conserve funds,” reinstating his statement from April.
Currently, Trump marginally leads Biden in national polls by 0.2 percentage points (41.1% to 40.9%), while Kennedy follows at a 9% poll rate, according to a FiveThirtyEight poll conducted prior to the debate.
The next debate between Biden and Trump is scheduled for September 10th, while the elections - encompassing the posts for president, vice president, all 435 House slots, and 34 out of 100 Senate seats - are penciled for November 5th.
Published At
6/28/2024 6:27:20 AM
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