- Donald Trump is serious about his pro-crypto stance.
- Trump has vowed to pardon Ross Ulbricht if re-elected as President.
- The former President has also sworn to stop President Biden’s anti-crypto crusade.
Donald Trump is pulling out all the stops to position himself as ‘the pro-crypto’ candidate to voters. Despite facing boos and jeers in his Saturday night address to Libertarian voters, the former President and current leading Republican candidate didn’t miss a chance to court pro-crypto Libertarians, even going as far as pledging to pardon Silk Road’s founder, Ross Ulbricht.
Trump Promises to Bring Silk Road Founder Back Home
“If you vote for me, on Day 1, I will commute the sentence of Ross Ulbricht to a sentence of time served,” Trump pledged during his speech at the Libertarian National Convention in Washington, D.C. “He’s already served 11 years, we’re gonna get him home.”
Ulbricht, now 40, is currently serving a life sentence for running Silk Road, one of the biggest marketplaces for illegal drugs and hacker tools. The platform gained notoriety for allowing customers to pay with crypto, such as Bitcoin.
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The former President’s pitch reflected his bid to broaden his support before the November elections. The billionaire appealed to Libertarians for their backing, offering to appoint party members to his Cabinet and other senior administration posts.
Vowing to commute Ulbricht’s sentence could significantly boost Trump’s standing with pro-crypto political action committees and earn him many brownie points. This is particularly true among Libertarian party members, who view the Silk Road founder as a martyr. The enthusiasm ignited by Trump’s speech was evident in the minute-long chorus of “Free Ross” chants that resonated throughout the venue.
Besides freeing Ulbricht, Trump also swore to embrace pro-crypto policies and undo President Biden’s doing.
Trump Pledges to End Biden’s Anti-Crypto Crusade
The former President vowed to stop “Joe Biden’s crusade to crush crypto” and ensure the future of crypto would not be driven overseas. Reading from the teleprompter, Trump also pledged support for the right to self-custody and prevent the development of a CBDC.
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"To the nation's fifty million crypto holders, I say this: with your vote, I will keep Elizabeth Warren and her goons away from your Bitcoin," Trump declared.
Trump is embracing the crypto revolution with gusto, especially now that it means one-upping his main rival, President Biden. The leading Republican candidate has been on a roll lately, welcoming the crypto industry with open arms and even accepting campaign donations in various cryptocurrencies, including meme coins like Doge and SHIB.
Trump’s newfound support for crypto comes at a particularly interesting time, as the current administration faces scrutiny over its regulatory approach.
On the Flipside
- Trump had reportedly thought about pardoning Ulbricht at the end of his term. However, Trump left office without taking any action for Ulbricht.
- With mounting pressure from US lawmakers and scrutiny over its approach, regulators and the Biden administration are easing their stance, possibly in response to the growing chorus of dissent.
- Trump has yet to publicly endorse a crypto plan. However, entrepreneur Vivek Ramaswamy, whom Trump is eying for a top administration job if he wins the election, has called for deregulation of the industry.
Why This Matters
Crypto policies will be a key deciding factor in the 2024 elections. Trump’s pledge to free Ulbricht, coupled with his endorsement of pro-crypto laws, could gain him significant support from institutions and crypto companies in the country. His stance might be the edge he needs to rally a new wave of supporters and gain traction in the race.
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