As Donald Trump steps back into the Oval Office for a new term, the spotlight is on his decision to potentially free Ross Ulbricht, the founder of the infamous Silk Road marketplace. Ulbricht has spent over a decade in prison for his role in creating a platform that facilitated illegal online transactions. Tesla CEO Elon Musk, a close ally of Trump, confirmed on social media that Ulbricht’s release is imminent. Musk’s message, “Ross will be freed too,” has fueled anticipation surrounding the case.
Father, I’m hearing from the people that you need to put Ross Ulbricht’s pardon at the top of the executive order stack. pic.twitter.com/7YSf0hdgSD
— Wirelyss 👁️🗨️💫 (@wirelyss) January 21, 2025
The Promise of a Pardon
During his previous campaign, Trump promised to commute Ulbricht’s sentence, stating, “If you vote for me, on day one, I will commute the sentence of Ross Ulbricht.” This commitment now stands at the forefront as Trump takes office again. Angela McArdle, chair of the Libertarian National Committee, shared an update on social media, confirming that Ulbricht’s pardon is expected to be issued soon. “Pres. Trump’s staff just confirmed to me Ross’s pardon will be issued late tonight or tomorrow morning,” McArdle wrote.
The idea of commuting Ulbricht’s sentence has stirred market optimism, particularly among crypto enthusiasts who view it as a sign of progress for digital asset regulations. However, there is still uncertainty over whether Trump will fully pardon Ulbricht, which would offer complete forgiveness rather than merely reducing his sentence.
Crypto Industry Expectations
While many in the cryptocurrency world hoped for a broader crypto-focused executive order on Trump’s first day, these hopes have yet to materialize. Some voices within the industry have expressed frustration. “NO ROSS PARDON, NO LEGALIZATION OF PERPETUAL SWAPS, AND NO CRYPTO EXECUTIVE ORDER – HAVE WE BEEN BAMBOOZLED?” asked an anonymous crypto handle. Others, like crypto analyst Miles Deutscher, urge patience, noting that a more significant crypto executive order may be on the horizon, alongside Ulbricht’s potential pardon.
Meme Coin Market Struggles
Meanwhile, the launch of Trump-branded meme coins has sparked controversy and market volatility. The Official Trump (TRUMP) meme coin has dropped 40%, while the Official Melania (MELANIA) coin has fallen by 60%. Critics, including billionaire Mark Cuban, warn that these speculative tokens could harm cryptocurrency’s credibility and exacerbate regulatory challenges.
Also Read: Dogecoin Whales Dump 219M DOGE Amid Elon Musk’s D.O.G.E. Downshift: What’s Next for DOGE?
As Trump’s second term unfolds, all eyes are on the potential impact of his decisions on both the crypto space and the broader political landscape.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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