US Presidential Hopefuls Sidestep Crypto in First 2024 Debate

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As a seasoned crypto investor with a keen interest in the political landscape of the digital asset industry, I was disappointed by the absence of any mention of cryptocurrencies during the first 2024 United States presidential debate. The rapid growth and increasing relevance of the crypto sector in the global financial scene warranted attention from the highest levels of government.

During the initial 2024 US presidential debate on June 27, cryptocurrencies were conspicuously missing from the conversation. Instead, the attention was centered around conventional policy matters with President Joe Biden and Republican nominee Donald Trump, disregarding the burgeoning digital asset market.

At 9:00 PM Eastern Time in Atlanta, Georgia, the discussion encompassed various themes such as economic issues, abortion rights, immigration matters, and foreign policy.

In the face of crypto industry’s growing significance in the international financial sphere, neither presidential hopeful addressed this topic during their speeches, instead opting to focus on their proposed agendas for the American populace.

A Disappointing Surprise

Many in the Web3 industry are taken aback by this absence of acknowledgment, having advocated strongly for increased political attention and governing of digital assets.

Prior to the 90-minute debate between the two presidential contenders, who made light of their advanced ages as they aim to become the oldest US presidents ever, crypto enthusiasts maintained that digital currencies and blockchain were crucial for the financial sector’s progress and technological advancement.

As a financial analyst specializing in the crypto industry, I can tell you that collective contributions from political committees backed by crypto enthusiasts and businesses amounted to approximately $202.8 million in preparations for the 2024 elections. This substantial investment aims to shape candidates’ platforms regarding the crypto sector.

As a crypto investor, I’d put it this way: The Fairshake Political Action Committee (PAC) personally received a substantial contribution of $177.8 million from Ripple, Coinbase, and the Winklevoss brothers. On the other hand, Protect Progress and Defend American Jobs PACs combined managed to raise a comparatively smaller amount of $25 million for the same cause.

The industry community strongly advocated for cryptocurrencies to be a topic of concern for top political figures, given that the sector received significant focus during the recent election campaigns from various candidates and legislators.

Candidates’ Stances on Crypto

At a recent presidential rally, Trump urged supporters from the cryptocurrency sector in the United States to cast their votes for him. In return, he pledged to propose legislation aimed at providing clear-cut regulations for the burgeoning digital economy.

Trump pledged to his backers that he would shorten the jail term for Ross Ulbricht, the Silk Road’s creator, should he secure a second term as president. Furthermore, he assured supporters that under his administration, Biden’s “crypto war” would come to an end.

In order to demonstrate his commitment to the industry, his campaign initiated the acceptance of cryptocurrency donations. This enabled contributors to send Bitcoins (BTC), Ethereums (ETH), and other virtual currencies as support for the political race.

As a researcher studying the political stances of different administrations on cryptocurrencies, I’ve noticed that unlike former President Trump who openly endorsed and advocated for the digital asset industry, current President Biden has adopted a more cautious approach. He has refrained from making any public statements regarding crypto, preferring to keep a low profile in this area.

As a crypto investor, I’ve noticed that the regulatory environment has become more challenging since the new administration took office in early 2021. They have proposed tougher rules to oversee the crypto space, and one of their plans is to prevent banks from dealing with digital assets.

As a crypto investor, I’ve been keeping a close eye on the latest developments in Washington D.C., and recently, President Biden unveiled his fiscal 2025 budget proposal. This comprehensive plan encompasses almost every sector of the American economy, including cryptocurrencies. Intriguingly, the budget blueprint suggests imposing taxes on crypto mining and proposing new regulations to effectively manage our burgeoning digital asset industry.

As a crypto investor, I’ve faced my fair share of uncertainties and regulatory challenges in this space. But, there’s been some promising news recently. The White House has declared its intention to collaborate with Congress on drafting cryptocurrency legislation in the US. According to experts, this move signifies a step forward in bringing clarity to the regulatory landscape.

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2024-06-28 10:51