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Former US President Donald Trump intends to support “Silk Road” founder Ross Ulbricht.
Ulbricht received a life sentence in 2015 for running Silk Road. The market, from 2011 to 2013, 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 running the platform.
Trump has promised to help Ulbricht as part of his campaign to appeal to libertarian voters, who have long advocated for Ulbricht's release and see his case as an example of government overreach.
The accused quadruple Republican candidate's new endorsement of “everything related to” the cryptocurrency industry marks a shift from his previous skepticism.
“I am very positive and open-minded regarding cryptocurrency companies and everything related to this new and burgeoning industry. “Our country must be a leader in the field, there is no second place.”
In a 2021 interview with Fox Business, Trump, who is currently awaiting a verdict in a criminal trial over secret money, advocated for the dominance of the US dollar and called for strict regulation of digital currencies.
But following Trump's latest vocal support for the cryptocurrency industry, several Trump-themed meme coins have seen a surge in value.
Coins like the “MAGA” token have rallied as investors speculate that a Trump presidency could benefit the crypto sector.
In another development, cryptocurrency investors who purchased Trump's “Mugshot Edition” non-fungible tokens (nfts) were offered the opportunity to dine with the former president at his Mar-a-Lago resort.
This event further solidified Trump's connections with the crypto community and highlighted his willingness to engage directly with industry participants.
The dinner was part of the benefits offered to holders of Trump-branded nfts, which feature his mugshot from his delivery to the Fulton County Jail in Georgia. This move was seen as a strategic effort by Trump to strengthen his support among cryptocurrency-savvy voters.
Additionally, Trump has promised to prevent the creation of a central bank digital currency (CBDC), appealing to cryptocurrency enthusiasts who value decentralization and autonomy.
Trump's bullish view on cryptocurrencies coincides with his campaign's decision to accept cryptocurrency donations, including bitcoin, ethereum, Dogecoin and other digital assets.
This move makes Trump the first major party candidate to accept cryptocurrency donations, even though 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 he was re-elected, prompting thunderous applause from the audience.
Ulbricht's case has become a high-profile cause among those who identify as libertarians. Many argue that his sentence is too harsh and that he is the victim of excessive government prosecution.
Ulbricht's appeal has been ongoing since 2016. His legal team argued that the prosecution unlawfully withheld evidence and that his sentence is procedurally and substantially unreasonable.
Despite these efforts, the courts have upheld Ulbricht's conviction and sentence, and he remains incarcerated.
trump crypto-appeal?srnd=cryptocurrencies-v2″ target=”_blank” rel=””>promise Commuting Ulbricht's sentence underscores a calculated attempt to win over what he sees as a key demographic in the upcoming U.S. presidential election.
