Will Trump and Harris field a crypto question during tonight’s debate?
A tech industry coalition executive last week urged moderators to ask about crypto, noting that “passing bipartisan digital asset regulations is front and center this election cycle”
kovop/Shutterstock modified by Blockworks
Donald Trump and Kamala Harris are set to face off Tuesday night during a presidential debate that — if a segment of viewers have their way — will feature a question about crypto.
Kyle Bligen, director of financial policy at Chamber of Progress, last week wrote in a letter to ABC News’ Linsey Davis and David Muir that, as the moderators, they “have an opportunity to illuminate the candidates’ stances on crypto.”
Big issues set to be discussed tonight include inflation and immigration.
But the tech industry coalition executive noted in the letter that “passing bipartisan digital asset regulations is front and center this election cycle” for the estimated 18 million Americans currently holding or trading crypto.
Trump has expressed support for US bitcoin mining, vowed to fire Securities and Exchange Commission Chair Gary Gensler and promised to make the US the “world capital for crypto and bitcoin.”
Big statements on the campaign trail do not always lead to practical actions, noted Exodus legal chief Veronica McGregor, alluding to Trump’s Gensler remarks. Still, she told Blockworks last month she would love to hear more from both sides.
Read more: Is the Kamala Harris crypto ‘reset’ coming? Give it time, exec says
Though Harris hasn’t yet addressed the topic of crypto much, a campaign adviser said she would “support policies that ensure that emerging technologies and that sort of industry can continue to grow.”
Ashley Ebersole, general counsel at 0x and a former senior counsel at the SEC, said he expects a crypto-related question is possible “given how high-profile crypto issues have gotten in this election.”
Moderators could pose such a question to Harris, he guessed — noting that she had been part of an administration that has let administrative heads act in a “hostile” manner toward the industry.
“Would you continue that, if in office?” Ebersole posed as an example question. “And if not, what would your stance be?”
Given that Trump has spoken more about crypto (at the Bitcoin 2024 conference in July, for example), the moderators could ask Harris to compare or contrast her position to his.
“I would think it would be a question to her because she’s a little more of a blank slate, at least as of now,” Ebersole explained.
Even if the presidential hopefuls don’t talk about crypto specifically, remarks about “fostering innovation” or regulatory agency leadership could be telling, the 0x executive previously told Blockworks.
Big Democratic donors are reportedly pressuring Harris’ team to replace Gensler and Federal Trade Commission Chair Lina Khan if the vice president wins the upcoming election.
Read more: Ex-SEC counsel: More crypto remarks likely coming from Trump, Harris
“Both candidates should shed more light on their positions and explain how we can nurture digital assets while also providing greater consumer protection,” Bligen added in the letter.
Because Trump has already made comments about crypto, such remarks during the debate might not move markets much, BDE Ventures CEO Brian Evans told Blockworks. But if Harris were to utter positive statements about the industry tonight, he added, “this might cause a bit of a market bounce.”
Crypto markets might react even if no crypto comments are made, some segment observers have said.
“People are confident in Trump’s position on embracing digital assets, and if they come out of that [event] feeling like he will win, I can see a strong run up in bitcoin,” Corestone Capital founder Will McDonough said.
Bitcoin’s price stood at about $57,000 just before noon ET Tuesday — down more than 6% from a month ago.
Yongjin Kim, CEO of derivatives exchange Flipster, noted that a Trump outperformance in the debate could create a “knee-jerk positive reaction” for crypto markets that could then lead to “short-term bullish movement.”
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