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Molly White

The industry’s high hopes for a crypto-focused day one in office quickly sank. However, Trump eventually got around to them later on, issuing a pardon for Silk Road creator Ross Ulbricht on day two.

Day one The uproar around the memecoins quieted somewhat as Trump was sworn in, and crypto enthusiasts eagerly anticipated that he would make good on his day one promises. Yet crypto prices reflected the disappointment among those in the crypto industry when neither bitcoin nor crypto earned a mention in his inauguration address. Promises to pardon Libertarian and crypto martyr Ross Ulbricht “on day one” also went unmet. Rumors of an immediate crypto executive order remained only rumors as the day came and went, with Trump instead focusing his priorities on orders seeking to end birthright citizenship, declaring a “national emergency” at the US–Mexico border, eliminating government diversity programs, and pausing the TikTok ban. The one day-one executive order that pertained somewhat to crypto was one demanding an end to “weaponization of the federal government”. Although it highlighted cases to do with January 6 and the Black Lives Matter protests, the Securities and Exchange Commission earned a shout-out as one of the named agencies whose actions should be “reviewed” to “identify any instances where a department’s or agency’s conduct appears to have been contrary to the purposes and policies of this order” — a likely nod to the crypto industry.10
Ross Ulbricht The crypto industry and Libertarians alike got their wish on day two, though, as Trump pardoned Ross Ulbricht. Ulbricht, the founder of the notorious Silk Road marketplace, earned a sentence of double life in prison plus forty years after he was convicted on charges including narcotics distribution, money laundering, hacking, and trafficking in fraudulent identity documents. Prosecutors had also alleged that Ulbricht had attempted to commission the murders of at least five people who had reportedly threatened to expose his crimes, but after Ulbricht’s sentencing, those additional charges were no longer pursued. Trump was very clear in his announcement of the pardon that he had granted it as a thank you to the Libertarians, for whom it has been a top priority over the past decade or so. “I just called the mother of Ross William Ulbricht to let her know that in honor of her and the Libertarian Movement, which supported me so strongly, it was my pleasure to have just signed a full and unconditional pardon of her son, Ross,” he declared.11 This quid pro quo apparently won out over any interest from Trump in remaining consistent with his past, repeated statements that anyone convicted of drug crimes deserves death.12
Ulbricht is a free man now, and he may well also be a rich man soon. The crypto world has raised more than 2.7 BTC (around $287,000) in donations, seeded with an initial deposit of $111,111 from the Kraken cryptocurrency exchange. Besides that, a director at Coinbase identified around 430 BTC likely belonging to Ulbricht.13 “Back then these were probably dust wallets,” said the Coinbase executive, referring to wallets containing very small amounts of bitcoin that get trapped in wallets because they fall below amounts required to pay transaction fees. However, as the bitcoin price increased dramatically over the years, those 430 BTC — which would have combined to a few hundred dollars around the time Ulbricht created the Silk Road — are now priced at around $47 million. However, whether Ulbricht still has the keys to access the wallets remains to be seen.13 Some have wondered if Ulbricht might regain access to the billions of dollars in bitcoin he forfeited during his case, now that he’s been pardoned. This seems unlikely, as the pardon does not erase the underlying conviction, and does not overturn civil forfeitures.14
#crypto#cryptocurrency#USpolitics
Jan 24, 2025, 05:14 PM·Public·Web
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