Industry support and the Silk Road founder release: what Trump promises to the crypto community

As a researcher with a background in finance and a strong interest in the crypto industry, I have closely followed the developments surrounding Donald Trump’s statements about his support for cryptocurrencies and his plans to release Ross Ulbricht if elected.

If Trump wins the presidential election, he has stated that he intends to back the cryptocurrency sector and potentially pardon the founder of Silk Road. However, it remains a question whether the community should place their trust in this promise.

During the approaching elections, Donald Trump, a previous American president and Republican Party contender, advocated for the cryptocurrency sector.

As an avid researcher with a strong affinity for the dynamic world of cryptocurrencies and the burgeoning industry that surrounds it, I am eagerly optimistic about the potential of these innovative companies. My belief is unwavering: our nation must take the lead in this field and secure the number one position.
Donald Trump, Republican Party candidate

At the National Convention of the Libertarian Party, he asserted that the future of cryptocurrencies lies in the United States. Furthermore, he vowed to advocate for the autonomy of the approximately 50 million American digital asset owners regarding self-custody of their holdings.

“I will swiftly put an end to the humanitarian issue at our southern border.” – President Donald Trump.
— Real America’s Voice (RAV) (@RealAmVoice) May 26, 2024

Trump pledged to prevent Senator Elizabeth Warren from having any influence over Bitcoin (BTC) and would prohibit the issuance of a Central Bank Digital Currency (CBDC). He holds the view that President Joe Biden’s current administration is attempting to thwart the growth of the crypto industry within the United States market.

“I’m committed to shaping the future of cryptocurrencies, including Bitcoin, within the United States rather than allowing it to develop primarily abroad. I will advocate for the importance of individual control over one’s digital assets through self-custody.”
Donald Trump, Republican Party candidate

Silk Road founder release

In the very same speech, the head of the Republican Party vowed to grant clemency to Ross Ulbricht, the creator of the hidden marketplace known as Silk Road, should he secure the election victory. Upon taking office, Trump pledged to annul Ulbricht’s sentence on day one.

“He’s already served 11 years, we’re gonna get him home.”
Donald Trump, Republican Party candidate

Two life sentences for Ulbricht

The Silk Road functioned as a covert trading platform, where unlawful deals such as narcotics transactions and money washing took place anonymously.

The now defunct Silk Road marketplace, which shut down in 2013, handled transactions valued up to $45 million in Bitcoin. This made it one of the biggest Bitcoin holders at the time. Reportedly, law enforcement confiscated approximately 174,000 BTC from Ulbricht and the Silk Road organization.

In February 2015, Ulbricht received two life sentences and an additional 40 years in prison.

For nearly two years, he skillfully eluded and deceived the entire U.S. law enforcement apparatus, navigating their investigations with ease. Shockingly, some of the lead agents became corrupted and met their end in the murky depths of the darknet.

Throughout the market’s entire history, over 1.5 million transactions with a total value surpassing $200 million took place. The user count also surpassed 100,000. As per the prosecution’s claims, Ulbricht amassed approximately $13.2 million in commissions from these transactions on his platform.

Trump is taking over the crypto industry

As a crypto investor, I’ve noticed an intriguing development in recent politics. At a promotional event for his Mugshot Edition NFT collection earlier this month, the Republican candidate expressed his backing for the cryptocurrency industry. He contrasted his stance with that of the Biden administration’s policies, implying a potential difference in approach and support.

As a financial analyst, I would rephrase that sentence as follows: I later discovered that Trump’s campaign accepted cryptocurrency donations, including Bitcoin and Dogecoin (DOGE), for their fundraising efforts.

CEO of Bitcoin Magazine, David Bailey, confessed to his involvement with the Trump campaign. If Trump secures the presidency, Bitcoin Magazine will contribute to drafting cryptocurrency regulations that may be enacted as law.

Over the past month, we’ve collaborated closely with the Trump campaign on devising their Bitcoin and cryptocurrency policy plan. Our team suggested a detailed executive order for President Trump to approve upon taking office, which I will unveil soon. This week, however, Trump initiated the process, but…
— David Bailey🇵🇷 $0.65mm/btc is the floor (@DavidFBailey) May 11, 2024

As a crypto investor, I’ve noticed an exciting development in the political sphere. The magazine announced its intention to collect donations for the Republican candidate’s presidential campaign, aiming to amass a substantial sum of $100 million. Notably, they are open to accepting cryptocurrencies as part of their fundraising efforts. I, along with other crypto enthusiasts, can play a crucial role in this campaign by making our contributions using digital currencies. This is an excellent opportunity for us to demonstrate the potential impact of the crypto community on traditional politics.

The crypto community is up in arms against Biden

During the heated presidential race, I’ve noticed a rising chorus of disapproval towards the administration’s stance on cryptocurrencies. Simultaneously, there’s an increasing wave of support for Trump among the crypto community.

According to Charles Hoskinson, one of Cardano‘s co-founders, Biden expressed an intention to dismantle the American cryptocurrency sector.

As a financial analyst following the crypto market, I’d rephrase it as: “I, Hayden Adams, the founder of Uniswap, view the administration’s stance towards our industry as an ‘all-out war.’ If President Biden maintains his opposition to cryptocurrencies, it could potentially impact his electoral chances.”

Hillary’s decision to campaign extensively in traditionally Republican “red states” instead of focusing on “swing states” during her 2016 presidential run was a strategic misstep. This oversight from the Biden camp is repeating this mistake, assuming that cryptocurrency will hold no significance in the 2024 election and therefore neglecting to prepare for the potential financial and voter impact of the SEC (Securities and Exchange Commission) and Senator Warren’s aggressive stance on the issue. Republicans are capitalizing on this perceived vulnerability.
— hayden.eth 🦄 (@haydenzadams) May 13, 2024

According to ConsenSys CEO Joseph Lubin’s perspective, SEC Chairman Gary Gensler, with the backing of the President, is intentionally obstructing financial innovation in the United States and potentially jeopardizing the nation’s financial system’s future.

Trump is advancing, Biden is making a 180-degree turn

Amidst Trump’s advocacy for cryptocurrencies, the Biden administration entered the competition for winning over crypto enthusiasts’ votes as well.

As a researcher studying the political landscape, I’ve observed that predictions suggest a loss for President Biden in the upcoming presidential race. Meanwhile, behind the scenes, efforts are underway within his administration to reconsider their stance on cryptocurrencies and modify their public discourse accordingly.

Several significant occurrences suggest this, with the recent green light given to Ethereum ETFs being the most noteworthy example. Some experts believe this could be a politically motivated move as both President Biden and the Democratic Party aim to win over young voters.

As a researcher studying recent developments in financial regulations, I’d like to share that in May, I came across an intriguing legislative update. The U.S. Senate and House of Representatives passed bills to revoke SEC Rule SAB 121. This rule had previously restricted certain financially regulated entities from including cryptocurrencies as assets on their balance sheets due to regulatory uncertainties.

The SEC (Securities and Exchange Commission) has put an end to U.S. banks’ role as custodians for their clients’ digital assets.

Moreover, the US House of Representatives endorsed the Financial Innovation and Technology for the 21st Century (FIT21) legislation. This development is significant to many, including Coinbase CEO Brian Armstrong, who view it as a pivotal moment and an initial step towards implementing exacting regulations for the industry within the United States.

Who will win?

As an analyst, I’ve observed that despite Biden’s recent initiatives regarding crypto, he currently trails behind Trump in terms of community support. It remains uncertain whether Trump will follow through on his past campaign pledges this time around. However, during his previous tenure as president, Trump was recognized for fulfilling a significant number of his campaign promises.

2024-05-27 20:15