Cryptocurrency Expected to Feature in Biden-Trump Debate: A Historic First
Summary:
In a potential historical first, cryptocurrency may be a conversation topic during a presidential debate between expected party nominees, U.S. President Joe Biden and former president Donald Trump, set for June 27. While neither candidate has officially accepted party nominations, polls predict them to be the main contenders for the 2024 national election. The debate could explore crypto related topics, either brought up by moderators or the candidates themselves. This shift showcases a larger shift in stance on cryptocurrencies with both Biden and Trump's administrations having unique approaches towards digital assets.
In an unprecedented turn of events, digital assets may possibly be discussed by the expected party nominees for the U.S President's post on live debate for the first time in history. The U.S. President, Joe Biden, and his predecessor Donald Trump are expected to face off on June 27, at 9:00 pm ET in an independent debate, held at CNN’s Atlanta studios. This setup is noteworthy as it could be one of the initial instances where debate participants orchestrate their contest aside from the oversight of the Commission on Presidential Debates.
At the debate, neither Biden nor Trump would have officially accepted the nominations from their respective parties. Yet, polls indicate that considering all eventualities, both candidates are anticipated to be the main contenders in the 2024 national election.
There is mounting hubbub among crypto users shared across social platforms, that the debate could cover cryptocurrency. Potential queries on the topic could be presented by moderators Jake Tapper and Dana Bash, or the topic could be self-introduced by either candidate under debate conditions, which would mute their microphones unless they were in turn to talk.
Trump, the previous president who outranked his challengers with pro-crypto policies, announced digital assets contribution as part of his campaign. He reckoned mining of all remaining Bitcoin in the U.S., a stark turnaround from his view on the topic when he debated with Biden, who was then a former Vice President, in 2020. As president then, he derided cryptocurrencies and even instructed his Treasury Secretary to “go after” Bitcoin (BTC). Experts speculate his change of stance on digital currencies as a political maneuver rather than advocacy for the technology if re-elected.
Since he started his term in January 2021, Biden proposed Gary Gensler as the chair for the U.S. Securities Exchange Commission (SEC). The SEC, under Gensler, has been chastised for its actions against crypto firms due to unclear legal guidelines. Biden, on personal front too, has been anti-crypto. He drafted an executive order to regulate digital currencies and criticized their impact on energy consumption.
Besides his tough stance, there's speculation that Biden may contemplate accepting crypto for his campaign contributions and engage in a dialogue with congressional leaders on digital assets. The president’s conservative approach may be viewed beneficially against Trump's volatile declarations on NFT’s and mining.
In the view of Moe Vela, former adviser to Biden, "Biden's professionalism will contrast sharply with Trump’s histrionics. Cryptocurrency should ideally be addressed in the debate, given its economic and financial influence as well as the millennial, Gen Z and young professional vote bank it caters to." Election day is set for Nov. 5 in the U.S. The upcoming debate, set to last 90 minutes, will include two commercial breaks with no studio audience.
Published At
6/27/2024 5:55:29 PM
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