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crypthub

1/24/2025, 11:49:14 AM

Trump's Pardon Pledge for Ross Ulbricht

Former President Donald Trump has announced his intention to grant a presidential pardon to Ross Ulbricht, the founder of Silk Road, if he is re-elected in November. This declaration came during the Libertarian Party's National Convention on May 25th, where Trump emphasized his support for Ulbricht and cryptocurrency in general.

Silk Road and Ulbricht's Arrest

Silk Road, a groundbreaking darknet marketplace utilizing Bitcoin technology, was established in 2011 by Ulbricht under the alias "Dread Pirate Roberts." However, his reign ended when the FBI seized his laptop in October 2013, leading to his arrest and subsequent conviction on charges related to Silk Road's operations. He was sentenced to two life terms plus forty years without parole.

Trump's Pro-Crypto Stance and Pardon Reasoning

Beyond pardoning Ulbricht, Trump highlighted his commitment to promoting cryptocurrency and Bitcoin in the United States, contrasting his previous skepticism. He advocated for self-custody of crypto assets, specifically mentioning Senator Elizabeth Warren and assuring crypto holders that he would protect them from potential regulation.

Reactions and Implications

The announcement has sparked debates within the crypto and legal communities. Some view it as a second chance for Ulbricht after serving a substantial portion of his sentence, while others raise concerns about setting a precedent for illegal marketplaces. The growing influence of cryptocurrency in politics is evident through a PAC backed by crypto leaders targeting key Senate races and high voter interest in candidates' stances on AI and crypto.