Biden vs. Trump: Will Crypto Take Center Stage in U.S Presidential Debate?

NAIROBI (CoinChapter.com) —  For the first time, U.S. presidential candidates may discuss crypto assets during a debate. President Joe Biden and former President Donald Trump are set to meet at CNN’s Atlanta studios at 9:00 pm ET on June 27. This debate arranged independently of the Commission on Presidential Debates, could mark a historic moment for the inclusion of cryptocurrency in mainstream political discourse.

The Democratic and Republican presumptive nominees have not officially accepted their nominations yet. However, polls indicate that both Biden and Trump will likely secure their parties’ nominations for the 2024 election.

A noteworthy campaign by the crypto advocacy group Stand With Crypto has mobilized nearly 2,300 supporters to petition CNN moderators Jake Tapper and Dana Bash to ask about crypto.

Crypto Could Steal the Show in U.S Presidential Debate

Crypto enthusiasts have taken to social media to urge moderators Jake Tapper and Dana Bash to address digital assets during the debate. Trump’s campaign has already signaled a pro-crypto stance, accepting crypto donations and promoting policies aimed at boosting Bitcoin mining in the United States. This marks a significant shift from Trump’s previous anti-crypto stance, where he instructed his Treasury Secretary to “go after” Bitcoin and dismissed cryptocurrencies as “not money.”

Analysts, such as Anchorage Digital co-founder Diogo Mónica, have noted the potential significance of this debate in bringing crypto into the political spotlight. “What we’re seeing right now is, potentially, the first presidential debate where crypto comes up as a question,” Mónica said in a Bloomberg interview on June 26.

Biden’s Evolving Crypto Strategy

Since assuming office in January 2021, President Biden has taken a cautious approach toward digital assets. His administration appointed Gary Gensler as chair of the U.S. Securities and Exchange Commission (SEC), which has been criticized for its enforcement actions against crypto firms. Biden has also signed an executive order establishing a regulatory framework for cryptocurrencies and has made statements against their energy consumption.

President Biden has also taken direct action against the crypto sector. He signed an executive order aimed at establishing a comprehensive regulatory framework for digital assets and has voiced concerns about cryptocurrencies’ environmental impact. In 2024, he vetoed a congressional resolution intended to overturn an SEC rule on accounting practices for banks dealing with crypto, reinforcing his regulatory approach.

Despite this regulatory stance, recent reports suggest Biden might reconsider his position. He is reportedly exploring the possibility of accepting cryptocurrency donations for his reelection campaign. Additionally, there is speculation that he may participate in a roundtable discussion with congressional leaders to address issues surrounding digital assets.

The June 27 debate could set a precedent for future political discussions on cryptocurrency, potentially shaping the electorate’s views and decisions. With Election Day on November 5, the candidates’ positions on digital assets could influence voter preferences.

Trump, meanwhile, faces a sentencing hearing on July 11 following his conviction on 34 felony counts in New York. It remains uncertain whether his legal troubles will affect his nomination at the Republican National Convention in July.