Why the First Trump Biden Debate Should Be All About Crypto

Is it too early to trust either candidate's position on crypto?

By: Zack Guzman

June 27, 2024

There aren’t many issues that are truly bipartisan in the 2024 election cycle. And yet, there is one issue that brought Republicans and Democrats together to pass a bill in the House and the Senate — even getting Senate Majority Leader Chuck Schumer and former Speaker of the House Nancy Pelosi to break from President Biden’s direction for the first time in modern politics.

That issue is crypto.

More specifically, that issue is how America should regulate, police, and perhaps incubate one of the most explosive new tech industries.

After the House and the Senate passed a rebuke of the Securities and Exchange Commission’s anti-crypto staff accounting rule, President Biden quietly followed through on his threat to veto the legislation. Since then, actions from the Biden Administration seem to indicate he’s ready to throw in the towel on his hardline, anti-crypto stance — especially as President Trump continues to crown himself “the pro-crypto candidate.”

At the first presidential debate hosted by CNN on Thursday night, we might finally see how the candidates have evolved their views on crypto. Most other policy positions at this point seem relatively clear for each candidate, but the same can’t exactly be said for one of the most important and attacked new business industries in America.

Since President Biden’s veto, his campaign has reportedly begun exploring accepting donations via Coinbase Commerce — something President Trump’s campaign began last month. The Biden administration is also reportedly set to attend a crypto roundtable in California in early July, hosted by California Congressman Ro Khanna.

So could we see a pro-crypto pivot by President Biden on-stage at the first debate? It’s unlikely, but not impossible, according to The Digital Chamber’s Chief Policy Officer Cody Carbone.

“If President Biden is going to use the debate stage to say, ‘Hey, I'm pro crypto,’ I think we'd all be a little shocked, but I think it would be a great political move,” Carbone said. “Democrats have said… let's just not capitulate and let's just not give this issue to Republicans. That doesn't make sense for us, that this is probably going to be part of the fabric of the American financial system.”

According to the prediction market Polymarket, there is only about a 40% chance crypto gets mentioned on the debate stage. For its part, Coinbase’s advocacy arm Stand With Crypto launched a tool to help crypto advocates email CNN to include a crypto question on Thursday (they will also be hosting watch parties around the U.S.) Carbone predicts that seeing both presidential candidates talk about crypto at the debate could set a precedent that trickles into other races this election cycle.

President Trump has about a 40% chance of mentioning crypto, according to betting site Polymarket.
President Trump has about a 40% chance of mentioning crypto, according to betting site Polymarket.

“When you've got a Republican at the top of the ticket, the leader of the party, and you've got a Democrat on the top of the ticket… talking about this, you should be prepared to be talking about crypto again,” he said. “I bet you this will come up because constituents care about it.”

The debate begins on CNN at 9pm ET.

Coinage members can watch our full interview with The Digital Chamber Chief Policy Officer Cody Carbone above. To support our community-owned outlet, own it with us, and unlock other exclusive benefits, mint one of our Membership Passes today! Chat with Coinage in our Discord.


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