Former US President Donald Trump intends to support the founder of the Silk Road, Ross Ulbricht.
Ulbricht received a life sentence in 2015 for running the Silk Road. From 2011 to 2013, the market allowed users to purchase illegal drugs and hacking tools using Bitcoin and other virtual currencies.
Ulbricht is currently serving a life sentence for his role in operating the platform.
Trump pledged to help Ulbricht as part of his campaign to appeal to liberal voters, who have long advocated for Ulbricht's release and see his case as an example of government overreach.
The new endorsement for the GOP candidate indicted on four counts “everything related” to the cryptocurrency industry represents a shift from his previous skepticism.
“I am very positive and open towards cryptocurrency companies and all things related to this new and thriving industry. Our country should be a leader in this field, there is no second place.”
In a 2021 interview with Fox Business, Trump — who is currently awaiting sentencing in a criminal trial involving hush money — called for the dominance of the US dollar and called for strict regulation of cryptocurrencies.
But following Trump's recent vocal support for the cryptocurrency industry, several Trump-themed memes have seen a rise in value.
Coins like the “MAGA” token have risen as investors anticipate that a Trump presidency could benefit the cryptocurrency sector.
In another development, cryptocurrency investors who acquired Trump's “Mugshot Edition” non-fungible tokens (NFTs) were given the opportunity to have dinner with the former president at his Mar-a-Lago resort.
The event strengthened Trump's connections with the cryptocurrency community and highlighted his willingness to engage directly with industry participants.
The dinner was part of perks offered to holders of Trump-branded NFTs, which feature his portrait from his surrender at the Fulton County Jail in Georgia. This move was seen as a strategic effort by Trump to boost his support among voters interested in cryptocurrencies.
Additionally, Trump has pledged to prevent the creation of a central bank digital currency (CBDC), which will appeal to cryptocurrency enthusiasts who value decentralization and independence.
Trump's bullishness on cryptocurrency coincides with his campaign's decision to accept donations in cryptocurrency, including Bitcoin, Ethereum, Dogecoin, and other digital assets.
The move makes Trump the first major party candidate to welcome cryptocurrency donations, although independent candidate Robert F. Kennedy Jr. has been accepting bitcoin donations for months.
Trump and Ulbricht
During a speech at the Libertarian National Convention, Trump promised to commute Ulbricht's sentence to time served if re-elected, drawing thunderous applause from the audience.
The Ulbricht case has become a high-profile issue among those who consider themselves liberals. Many say his sentence is too harsh and that he is a victim of excessive prosecution by the government.
Ulbricht's appeal has been ongoing since 2016. His legal team argued that prosecutors unlawfully withheld evidence and that his sentence was procedurally and substantively unreasonable.
Despite these efforts, the courts upheld Ulbricht's conviction and sentence, and he remains in detention.
Trump Prepare The commutation of Ulbricht's sentence highlights a calculated attempt to win over what he sees as a key demographic in the upcoming US presidential election.