Important points
- Elon Musk is hoping for a presidential pardon for Ross Ulbricht from Donald Trump.
- President Trump has appointed a crypto-promoting official to lead a major financial regulatory agency.
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Elon Musk said Silk Road Market founder Ross Ulbricht will receive a presidential pardon from Donald Trump. Tesla's CEO responded to a user's comment on X asking President Trump to pardon Ulbricht, saying, “Mr. Ross will also be released.”
Ross will also be released.
— Elon Musk (@elonmusk) January 21, 2025
Libertarian National Committee (LNC) Chair Angela McArdle said: Mr. Ulbricht is expected to be pardoned tonight or tomorrow.
press. President Trump's staff just confirmed to me that Mr. Ross's pardon will be granted later tonight or tomorrow morning. ❤️
— Angela McArdle (@angela4LNCChair) January 21, 2025
Ulbricht was sentenced to life in prison in 2015 for his role in running the Silk Road. He was not found guilty of causing direct harm, but was found guilty of aiding and abetting illegal activity on the platform.
The founder of the infamous market expressed remorse for his actions. During his time in prison, he has strived to improve himself, including getting an education and advocating for his release.
In May 2024, on his first day in office, Trump promised to commute Ulbricht's sentence. He reiterated this promise at the Libertarian National Convention, and many believe he will follow through on it once he takes office.
Ulbricht's supporters and many members of the crypto community are optimistic that Trump will keep his promise. On Polymarket, users currently estimate a 94% chance that President Trump will pardon Ulbricht within his first 100 days in office.
President Trump omitted virtual currency-related topics at inauguration ceremony
Trump took office as the 47th president of the United States without mentioning cryptocurrencies at all in his inaugural address. This disappointed many who expected him to address topics such as Bitcoin, establishing a national Bitcoin stockpile, or the United States' status as a world leader in the cryptocurrency field.
Since taking office, Trump has signed a series of executive orders, but has refrained from commenting on Bitcoin or virtual currency-related policies.
Despite the lack of immediate action, the outlook for cryptocurrencies remains optimistic. Under the Trump administration, many pro-cryptocurrency figures were appointed to key positions.
President Trump nominated Paul Atkins to head the SEC and Caroline Pham to chair the CFTC, both of whom are pro-cryptocurrency candidates. It has also established a new position, “AI and Crypto Emperor,” to be filled by David Sachs. Sachs will focus on issues related to artificial intelligence and cryptocurrencies.
The combination of pro-crypto appointments and legislative initiatives suggests that major regulatory reform is on the horizon.
Industry leaders are hopeful that future policies will focus on digital assets. According to a Monday report from Reuters, Circle CEO Jeremy Allaire said the president will soon ease restrictions on banks' holding and trading of crypto assets, ending “Operation Choke Point 2.0.” He is confident that he will issue a presidential order to do so.
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