Biden and Trump Completely Ignore Crypto in First Presidential Debate

The first presidential debate between Joe Biden and Donald Trump took place recently, and one thing was noticeably absent: any mention of cryptocurrency. Despite significant financial backing from crypto lobbyists, the topic was completely sidelined. This silence has sparked discussions within the crypto community and had immediate effects on the market, particularly on politically themed meme coins. Let’s dive into what happened and why it matters.

Biden and Trump Sideline Crypto: What Happened?

During the 90-minute debate, neither President Biden nor former President Trump addressed cryptocurrency, even though crypto lobbyists have made substantial donations to influence the 2024 election. The debate focused on key issues such as economic plans, abortion rights, immigration, and foreign policy. The candidates also briefly touched on each other’s mental fitness, given their ages (Biden, 81, and Trump, 78), making them the oldest candidates ever to run for president.

Despite the crypto industry’s significant financial involvement in this election cycle, it received no attention during the debate. Consider these points:

• Crypto-backed PACs: Raised $202.8 million from industry backers.
• Spending: Spent $93.6 million to influence the elections.
• Fairshake PAC: Raised $177.8 million and spent $70.8 million on attack ads for congressional candidates.
• Other PACs: Protect Progress and Defend American Jobs PACs collectively spent $22.8 million after raising $25 million.

Trump has recently promised to end Biden’s “war on crypto” and met with Bitcoin miners in June, expressing his desire for cryptocurrency to be “made in America.” Kraken CEO Dave Ripley believes Biden is also becoming more open-minded towards crypto.

Mark Cuban has criticized the SEC’s enforcement actions under Gary Gensler, suggesting it could harm Biden’s reelection chances. However, Gallup polls from May indicate that crypto is not a priority for American voters, who are more concerned with the economy, inflation, governance, and immigration.

Pro-crypto independent candidate Robert F. Kennedy Jr. was excluded from the CNN debate but held his own session on X, where he shared his plans to use AI and blockchain to reduce government waste.

National polling from June 27 shows Trump leading Biden by a narrow margin of 0.2 percentage points. The next debate between Biden and Trump is scheduled for Sept. 10.

Presidential Debate Sinks Meme Coins: A Market Reaction

The silence on crypto had an immediate impact on meme coins inspired by President Joe Biden and Donald Trump.

• TRUMP: The Trump-themed token began its decline 20 minutes before the debate. It was trading at $7.89 after falling over 10% in the past day.

• BODEN: The Biden-inspired token experienced a more severe drop, falling over 53% shortly after the debate. It was still down by more than 30% and worth $0.08662.
• Other Meme Coins: Super Trump (STRUMP) and BABYTRUMP (BABYTRUMP) also saw double-digit losses, though they slightly recovered at press time.

Jesse Powell Backs Trump with $1M Donation: A Show of Support

Jesse Powell, co-founder of Kraken, announced on X that he donated $1 million, mostly in Ether (ETH), to Donald Trump’s 2024 presidential campaign.

Powell supports Trump because he is the only major party candidate advocating for pro-crypto policies and believes the U.S. should maintain its leadership in blockchain technology. He has criticized President Joe Biden’s regulatory approach towards the crypto industry and accused officials like Senator Elizabeth Warren and SEC Chair Gary Gensler of undermining U.S. competitiveness.

Powell believes Trump’s candidacy offers a chance for the U.S. to lead in blockchain technology. His post included the hashtag #freeross, referencing Ross Ulbricht, who is serving a life sentence for creating and operating the Silk Road online black market.

U.S. presidential candidate Robert F. Kennedy Jr. has also commented on Ulbricht’s case, stating he would free Ulbricht if elected, believing two life sentences for hosting an e-commerce platform is excessive.

Coinbase Adviser Keisha Lance Bottoms Joins Biden Campaign: A Sign of Softening?

Keisha Lance Bottoms, the former mayor of Atlanta and a member of Coinbase’s global advisory council, will join President Joe Biden’s campaign as a senior adviser.

Bottoms served as Atlanta’s mayor from 2018 to 2022 and joined Coinbase’s advisory council in April 2024. She also previously held an advisory position at the White House until 2023.

Reports indicate that Bottoms will stay with Coinbase throughout Biden’s campaign. She has described cryptocurrency as a “nonpolitical and unifying issue,” though it is unclear if she will specifically advise the campaign on crypto-related matters.

There are speculations that President Biden might consider accepting crypto contributions and meet with lawmakers to discuss digital assets, though this has not been confirmed.

Bottoms spoke at Coinbase’s Stand With Crypto event in Atlanta on June 26, pointing out crypto’s potential to empower unbanked and underbanked communities, especially in Atlanta’s thriving Black-owned blockchain community.

Former U.S. Representative Sean Patrick Maloney recently stated he would leave his position at Coinbase’s global advisory council if nominated by President Biden to the Organization for Economic Cooperation and Development.

Since its inception in 2023, Coinbase’s Stand With Crypto PAC has grown to over one million advocates, actively supporting or opposing political candidates. Coinbase is also a major supporter of the Fairshake Super PAC, which has launched attack ads against anti-crypto politicians.

In Conclusion

The absence of crypto in the first presidential debate between Biden and Trump underscores a disconnect between the growing influence of the crypto industry and the priorities of mainstream political discourse. While meme coins experienced immediate market reactions, the long-term implications remain to be seen. With key figures like Jesse Powell backing Trump and Keisha Lance Bottoms advising Biden, the role of crypto in the upcoming election is poised to be a dynamic and closely watched development. As the election cycle progresses, it will be crucial to monitor how these influences shape policy and public perception of digital assets.