Former U.S. President Donald Trump has announced his intention to support Ross Ulbricht, the founder of Silk Road. Ulbricht received a life sentence in 2015 for operating the Silk Road marketplace from 2011 to 2013, which facilitated the purchase of illegal drugs and hacking tools using Bitcoin and other virtual currencies. He is currently serving a life sentence for his role in operating the platform.

Trump aims to aid Ulbricht as part of his campaign to appeal to Libertarian voters, who have long advocated for Ulbricht’s release and view his case as an example of government overreach. This endorsement marks a shift from Trump’s previous skepticism towards the cryptocurrency industry.

“I am very positive and open-minded to cryptocurrency companies and all things related to this new and burgeoning industry. Our country must be the leader in the field, there is no second place.”

In a 2021 interview, Trump called for the dominance of the U.S. dollar and strict regulation of digital currencies. However, his latest support for the cryptocurrency industry has led to a surge in value for several Trump-themed meme coins, such as the “MAGA” token. Investors speculate that a Trump presidency could benefit the crypto sector.

Additionally, crypto investors who acquired Trump’s “Mugshot Edition” non-fungible tokens (NFTs) were offered the chance to dine with the former president at his Mar-a-Lago resort. This event highlighted Trump’s willingness to engage directly with the crypto community and solidified his connections within the industry. The dinner was part of the perks offered to holders of the Trump-branded NFTs, featuring his mugshot from his surrender at the Fulton County Jail in Georgia. This move was seen as a strategic effort by Trump to strengthen his support among crypto-savvy voters.

Moreover, Trump has vowed to prevent the creation of a central bank digital currency (CBDC), appealing to crypto enthusiasts who value decentralization and autonomy. His bullish stance on cryptocurrency 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 welcome crypto donations.

During a speech at the Libertarian National Convention, Trump promised to commute Ulbricht’s sentence to time served if re-elected, drawing significant applause from the audience. Ulbricht’s case has become a high-profile cause among libertarians, with many arguing that his sentence is too harsh and that he is a victim of excessive government prosecution.

Ulbricht’s appeal has been ongoing since 2016, with his legal team arguing that the prosecution illegally withheld evidence and that his sentence is procedurally and substantively unreasonable. Despite these efforts, Ulbricht’s conviction and sentence have been upheld by the courts, and he remains incarcerated. Trump’s promise to commute Ulbricht’s sentence underscores a calculated attempt to win over a key demographic in the upcoming U.S. presidential election.

For more updates and news on cryptocurrencies, investing, and finance, stay tuned to Global Crypto News.

Post Views: 8