In a debate that spanned 90 minutes and covered pressing issues like the economy, abortion rights, and immigration, one topic was conspicuously absent: cryptocurrency. Despite crypto lobbyists raising millions this election cycle, neither President Joe Biden nor presidential hopeful Donald Trump mentioned digital assets during their first CNN-hosted debate on June 27. This omission is surprising given the significant financial influence of crypto-backed super PACs, which have collectively raised over $200 million. As the debate unfolded, the focus remained on traditional political battlegrounds, leaving the future of cryptocurrency regulation in the United States uncertain.

The Debate Focus: Economy, Abortion, Immigration, and More

The first of two CNN-hosted debates on June 27 centered on each presidential hopeful’s plans for the economy, abortion rights, immigration, and foreign policy. It also briefly touched on their mental capabilities as Biden, 81, and Trump, 78, are the oldest candidates to ever run for president. Despite the wide range of topics, cryptocurrency was notably absent from the discussion.

Political Spending in the Millions

Crypto’s non-mention comes despite a trio of crypto-backed super political action committees (PACs) raising $202.8 million from large industry backers, spending $93.6 million to influence the 2024 elections. Fairshake PAC has raised $177.8 million and spent $70.8 million of it in the 2024 election cycle, according to OpenSecrets — which mostly went to bankrolling attack ads for Congressional candidates. Two other related super PACs, Protect Progress and Defend American Jobs, have together spent $22.8 million in this year’s elections after raising $25 million. The three super PACs together have raised the third-most amount of money of any PAC and can receive donations of unlimited size but can’t coordinate with campaigns directly.

Trump’s Stance on Crypto

Trump has vowed to end what he called Biden’s “war on crypto” if elected and hosted a meeting with Bitcoin (BTC) miners earlier this month, telling them he wanted the cryptocurrency to be “made in America.” But some in the industry, such as Kraken CEO Dave Ripley, said Biden is “softening up” to crypto. Others, including crypto advocate Mark Cuban, say the head of the nation’s securities regulator will “literally cost Joe Biden the election” for its wave of crypto-related enforcement actions.

Public Opinion on Crypto

Gallup polls from last month show crypto isn’t top of mind for American voters, with most ranking the economy, inflation, poor governance, and immigration as the key issues facing the country. The outwardly pro-crypto independent candidate Robert F. Kennedy Jr didn’t meet CNN’s requirements to appear in the debate. He claimed the network “rigged the rules” and hosted an alternative “real debate” on X at the same time. During the “debate” — which saw Kennedy alone on stage being asked questions — the presidential hopeful said he would use “AI and blockchain to eliminate waste in government to save more money,” repeating his claim from April.

Polling and Future Debates

Trump leads Biden by only 0.2 percentage points in national polling — 41.1% to the incumbent president’s 40.9% — while Kennedy is polling at 9% according to a June 27 FiveThirtyEight poll taken before the debate. The second debate between Biden and Trump is set for Sept. 10. The elections for president, vice president, all 435 House seats, and 34 of the 100 Senate seats are slated for Nov. 5.

The Crypto Community's Reaction

The crypto community has been vocal about the lack of discussion on digital assets during the debate. Many industry leaders and enthusiasts took to social media to express their disappointment. The absence of cryptocurrency from the debate highlights a broader issue: the mainstream political arena's reluctance to engage with the rapidly growing digital asset sector.

The Role of Crypto-Backed PACs

The significant financial contributions from crypto-backed PACs underscore the industry's desire to influence political discourse and policy. These PACs have been instrumental in supporting candidates who are favorable to the crypto industry and opposing those who are not. The substantial funds raised and spent by these PACs indicate the high stakes involved in shaping the future regulatory landscape for digital assets.

Biden's Approach to Crypto Regulation

While Biden has not been overtly anti-crypto, his administration has taken a cautious approach to digital asset regulation. The Securities and Exchange Commission (SEC), under Biden's leadership, has ramped up enforcement actions against various crypto projects and exchanges. This has led to criticism from some quarters of the crypto industry, who argue that the regulatory environment in the U.S. is stifling innovation and driving businesses overseas.

Trump's Crypto Promises

In contrast, Trump has positioned himself as a pro-crypto candidate, promising to end what he describes as Biden's "war on crypto." His recent meeting with Bitcoin miners and his statements about wanting cryptocurrency to be "made in America" suggest that he sees the potential economic benefits of embracing digital assets. However, it remains to be seen how these promises will translate into concrete policy actions if he is elected.

The Broader Implications for the Crypto Industry

The lack of discussion on cryptocurrency during the debate has broader implications for the industry. It suggests that, despite the significant financial contributions from crypto-backed PACs, digital assets are still not a priority for mainstream political discourse. This could be due to a variety of factors, including the relatively niche nature of the crypto industry compared to other pressing issues like the economy and healthcare.

The Need for Clear Regulatory Guidelines

One of the biggest challenges facing the crypto industry is the lack of clear regulatory guidelines. The current regulatory environment in the U.S. is often described as a patchwork of state and federal regulations, which can be confusing and burdensome for businesses. Clear and consistent regulatory guidelines are essential for fostering innovation and ensuring that the U.S. remains competitive in the global digital asset market.

The Potential for Blockchain Technology

Beyond cryptocurrencies, blockchain technology has the potential to revolutionize various sectors, including finance, supply chain management, and healthcare. The debate's failure to address this potential suggests a lack of awareness or understanding of the broader implications of blockchain technology. Educating policymakers and the public about the benefits of blockchain could help drive more informed discussions and policies in the future.

Looking Ahead: The Future of Crypto in U.S. Politics

As the 2024 election approaches, the crypto industry will be watching closely to see how the candidates' positions on digital assets evolve. The significant financial contributions from crypto-backed PACs indicate that the industry is keen to have a seat at the table. However, it will be up to the candidates to decide whether they want to engage with this rapidly growing sector.

The Importance of Advocacy and Education

Advocacy and education will be crucial in shaping the future of crypto regulation in the U.S. Industry leaders and enthusiasts must continue to engage with policymakers, educate the public, and advocate for clear and fair regulatory guidelines. By doing so, they can help ensure that the U.S. remains a leader in the global digital asset market.

The Role of Independent Candidates

Independent candidates like Robert F. Kennedy Jr., who have openly embraced crypto and blockchain technology,