First US Presidential Debate on June 27: Crypto’s Place in the Spotlight?

Joe Biden and Donald Trump, the expected candidates for the 2024 U.S. Presidential race, are set to go head-to-head in a debate for the first time in four years. President Biden announced on May 15 that he accepted CNN’s invitation for a debate scheduled for June 27 and challenged Trump to join. Reports suggest that Trump has agreed to the date, announcing his readiness to participate through a statement to Fox News and a post on his social media platform, Truth Social.

Notably, Trump is entangled in various legal issues, including a criminal trial in New York concerning hush money payments to an adult film star linked to the 2016 Presidential Election. The judge in this case tends to other matters on Wednesdays, which might allow Trump to attend the debate without legal conflict. It remains uncertain whether his other pending cases in the District of Columbia, Florida, and Georgia will interfere with the scheduled event.

If the debate goes ahead as planned, it will occur before either Biden or Trump officially receives their party’s nomination. The Democratic National Convention and the Republican National Convention are slated for August and July, respectively, where they will formally endorse their candidates.

Independent candidate Robert F. Kennedy Jr., who is trailing Biden and Trump in the polls, has claimed he is being “excluded” from the upcoming debate. Candidates Vivek Ramaswamy and Ron DeSantis, who are in the race for the Republican nomination, have publicly discussed issues related to cryptocurrency and central bank digital currencies during their campaigns. Recently, on May 8, Trump indicated support for crypto at a dinner for supporters who had purchased his non-fungible tokens, despite previously calling cryptocurrencies like Bitcoin a scam.

Supporters of President Biden within legislative and industry circles have urged him to consider the cryptocurrency community’s vote in the 2024 election. The Biden administration has seen the U.S. Securities and Exchange Commission (SEC) take enforcement actions against multiple crypto firms. Democratic Senator Elizabeth Warren has also been vocal against digital assets through legislative measures and public statements.

Although President Biden rarely speaks directly on digital assets, he has opposed legislation that many in the crypto space favor. For instance, on May 8, as the House of Representatives was debating a resolution to overturn an SEC policy concerning banks holding crypto, Biden indicated he would veto the measure despite it passing the House with backing from 21 Democratic lawmakers.

Biden and Trump last clashed in person during the first U.S. Presidential debate in September 2020 at Case Western Reserve University. Mark Meadows, Trump’s former chief of staff, later revealed in his book that Trump had tested positive for COVID-19 just days before but concealed the diagnosis. Neither Biden nor Trump discussed cryptocurrency or blockchain during their 2020 debates.

As of now, President Biden’s campaign website does not have a dedicated page for his policy positions, while Trump’s website outlines his views on the economy but does not mention digital assets specifically. Democratic Representative Wiley Nickel highlighted the influence of cryptocurrency voters in a May 11 post, cautioning that the party might lose their support in the upcoming election. With both leading candidates lacking clear positions on crypto, it is uncertain if the topic will be addressed during the June 27 debate or the subsequent one scheduled for September 10.

Election Day in the United States is set for November 5, leaving candidates to outline their stances on key issues, possibly including cryptocurrency, over the coming months.