Crypto Industry Looks to Influence Election with Massive Spending

The first presidential debate between Joe Biden and Donald Trump took center stage in Atlanta, Georgia, as the two candidates sparred on a range of issues from the economy to foreign policy. However, one topic that was notably absent from the discussion was the digital assets industry and cryptocurrency.

Crypto has been a hot topic throughout this election cycle, with Trump making promises to commute the sentence of Silk Road’s Ross Ulbricht and discussing regulation, while Biden’s campaign has remained relatively silent on the issue. The crypto industry is eagerly awaiting a Congress and administration that will be more friendly towards digital asset businesses, with companies like Coinbase, Ripple, and Andresseen Horowitz donating millions to political action committees to support candidates who align with their interests.

Despite the lack of discussion on crypto during the debate, the industry has seen some victories in the primary season, with PAC support funding ads against certain candidates. The moderators did touch on economic issues during the debate, but the focus on inflation, the cost of living, and the national debt left many in the crypto industry feeling overlooked.

As the debate unfolded, a prediction market on Polymarket gave Trump better odds of winning in November, with bets favoring him over Biden. The market’s prediction of a 68% chance of Trump winning has left many in the industry wondering what a Trump presidency would mean for the future of cryptocurrency regulation.