Donald Trump, the former President of the United States, has pledged to grant a presidential pardon to Ross Ulbricht, the creator of Silk Road, if he is re-elected in November. Trump made this announcement during the Libertarian Party’s National Convention on May 25. He stated that on his first day in office, he would commute Ulbricht’s sentence and bring him back home after serving 11 years in prison.
Silk Road, the first modern darknet market that used Bitcoin as its payment system, was founded by Ulbricht in 2011 under the username “Dread Pirate Roberts.” However, in 2013, the FBI seized Ulbricht’s personal laptop, leading to his arrest. In 2015, he was convicted in a U.S. federal court on various charges related to the operations of Silk Road and received two life terms plus forty years without the possibility of parole.
In addition to the promise of a pardon for Ulbricht, Trump expressed his support for cryptocurrencies, marking a shift from his previous skepticism. He emphasized his commitment to developing the future of cryptocurrency and Bitcoin within the United States instead of letting it be driven overseas. Trump also advocated for the right to self-custody and promised to protect individuals who choose to hold their crypto assets outside centralized exchanges.
During his speech, Trump made a direct reference to Senator Elizabeth Warren, assuring crypto holders that he would prevent her and her associates from interfering with their Bitcoin. The announcement of a potential pardon for Ulbricht has sparked discussions within the crypto and legal communities, with some arguing that it would give him a second chance while others express concerns about pardoning someone convicted of running an illegal marketplace.
Cryptocurrencies are not only gaining adoption among retail users but also have an influence on politics. A well-funded political action committee (PAC) called Fairshake, supported by prominent figures in the cryptocurrency industry, is targeting key Senate races in an attempt to shift the balance of power in Congress. Additionally, a majority of US voters believe that presidential candidates should have knowledge about technologies like artificial intelligence and cryptocurrency. Furthermore, California voters who own cryptocurrencies are expected to have a significant impact on the 2024 elections, according to a report from Coinbase.
