Elon Musk anticipates that Donald Trump will grant Ross Ulbricht a presidential pardon. Trump has appointed officials who are pro-crypto to serve as the heads of critical financial regulatory agencies.
According to Elon Musk, Donald Trump will grant Ross Ulbricht, the proprietor of the Silk Road marketplace, a presidential pardon. Tesla’s CEO responded to a user’s comment on X, which encouraged Trump to pardon Ulbricht, by stating, “Ross will be emancipated too.”
Ulbricht is anticipated to be pardoned either tonight or tomorrow, according to Angela McArdle, the chair of the Libertarian National Committee (LNC).
For his involvement in the Silk Road’s operation, Ulbricht was sentenced to life imprisonment in 2015. He was found not culpable of direct injury; however, he was convicted of facilitating unlawful activities on the platform.
The individual who established the notorious marketplace has expressed regret for his actions. While incarcerated, he has embarked on a journey of self-improvement, which has included advocating for his release and pursuing education.
On his inaugural day in office in May 2024, Trump declared his intention to commute Ulbricht’s sentence. He reiterated this commitment at the Libertarian National Convention, which has led many to believe that he will fulfil it now that he has assumed office.
Ulbricht’s supporters and numerous members of the crypto community are confident that Trump will fulfil his commitment. According to users on Polymarket, there is currently a 94% likelihood that Trump will pardon Ulbricht within his first 100 days in office.
Trump did not address cryptocurrency during his inaugural address as the 47th president of the United States. This disappointed numerous individuals who had expected him to address topics such as the establishment of a national Bitcoin stockpile, the positioning of the United States as a global leader in the crypto sector, or Bitcoin.
Trump signed a succession of executive orders subsequent to his inauguration; however, he refrained from addressing Bitcoin or any crypto-related policies.
The outlook for cryptocurrency remains optimistic, despite the absence of imminent action. The Trump administration has appointed numerous pro-crypto figures to high-level positions.
Both of the nominees, Caroline Pham and Paul Atkins, are pro-crypto. Trump has appointed them as the chairmen of the CFTC and the SEC, respectively. David Sacks fulfils the role of “AI and Crypto Czar,” which he has also created. Sacks will concentrate on matters concerning cryptography and artificial intelligence.
Pro-crypto appointments and legislative initiatives indicate that substantial regulatory reforms are imminent.
Industry leaders are optimistic that forthcoming policies will prioritize digital assets. Circle CEO Jeremy Allaire is optimistic that the President will soon issue executive orders to alleviate restrictions on banks’ holding and trading of crypto assets, thereby concluding “Operation Choke Point 2.0,” according to a Monday report from Reuters.
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