Cryptocurrency Issues Not Mentioned in the 2024 US Presidential First Debate!

Bittime - The highly anticipated first debate of the 2024 United States presidential election has finally been held. However, crypto players seem disappointed that the issue of cryptocurrency regulation was not touched upon at all. In fact, both Trump and Biden often mentioned crypto before the 2024 US presidential debate was held.

Focus of the 2024 US Presidential Debate

The debate, held in Atlanta, Georgia, was hosted by CNN's Jake Tapper and Dana Bash, and attended by President Joe Biden and former President Donald Trump, who are each their party's top candidates.

The 90-minute debate began with a discussion of the economy, including inflation, the cost of living and national debt in recent years. Additionally, other topics such as abortion, immigration, and foreign policy are also discussed. Unfortunately, discussions regarding technology policy and the digital asset industry do not receive adequate attention.

Cryptocurrency Industry Expectations

The cryptocurrency industry has been a hot topic this election cycle, especially after Trump began discussing cryptocurrency issues in his campaign, including promising to commute the sentence of Silk Road's Ross Ulbricht and making statements about regulation.

On the other hand, the Biden campaign has not made any public statements on crypto, although his administration recently stated it wants to work with Congress on legislation regulating crypto.

Cryptocurrency Legislation

The crypto industry is hoping to get Congress and an administration that is more supportive of digital asset businesses. For this reason, industry players plan to repeat large expenditures in elections as happened in 2022.

Several large companies such as Coinbase, Ripple, and Andreessen Horowitz have donated nearly $50 million each to political action committees such as Fairshake to support candidates.

The crypto industry has scored some wins in the early election season, with the support of PACs funding ads against Rep. Katie Porter (D-Calif.) is running for the Senate seat and Rep. Jamaal Bowman (D-N.Y.) in the primary for re-election.

Does Trump Have a Chance of Winning?

Prediction markets at Polymarket gave Trump better odds of winning in November during the debate, with bets reaching 68 cents, compared to Biden's 29 cents. Each share would pay $1 if the prediction is correct, and zero if not, meaning the market believes Trump has a 68% chance of winning.

Crypto Becomes an Important Point in the 2024 US Presidential Election

Although the first 2024 US presidential debate did not address the issue of cryptocurrency as many in the industry had hoped, the topic remains a sticking point in this election cycle.

The crypto industry continues to hope for legislation that is friendlier to digital asset businesses, while continuing to support candidates who support better regulation for the industry. As developments continue, industry observers will continue to monitor how the two candidates will address this issue in the future.

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