Elon Musk says Trump will free Ross Ulbricht

On By Littum

Key takeaways

  • Elon Musk expects a presidential pardon for Ross Ulbricht from Donald Trump.
  • Trump has appointed pro-crypto officials to lead key financial regulatory agencies.

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Elon Musk said that Ross Ulbricht, the founder of the Silk Road market, will receive a presidential pardon from Donald Trump. The Tesla CEO stated “Ross will be freed too” in response to a user’s comment on X urging Trump to pardon Ulbricht.

According to Angela McArdle, Chair of the Libertarian National Committee (LNC), Ulbricht is expected to be pardoned tonight or tomorrow.

In 2015, Ulbricht was sentenced to life imprisonment for his role in the operation of the Silk Road. He was found not guilty of direct harm, but was convicted of facilitating illegal activities on the platform.

The creator of the infamous marketplace has expressed remorse for his actions. He has worked toward self-improvement while incarcerated, including pursuing education and advocating for his release.

In May 2024, Trump promised to reverse Ulbricht’s sentence on his first day in office. He repeated this promise at the Libertarian National Convention, leading many to believe he will follow through now that he has taken office.

Ulbricht’s supporters and many crypto community members are optimistic that Trump will follow through on his promise. At Polymarket, users now discretion a 94% probability that Trump will pardon Ulbricht within his first 100 days in office.

Trump skips crypto talk at inauguration

Trump was sworn in as the 47th President of the United States without any mention of crypto during his inauguration speech. This disappointed many who had expected him to address issues such as Bitcoin, the establishment of a national Bitcoin repository, or the positioning of the United States as a global leader in the crypto space.

After his inauguration, Trump signed a series of executive orders but refrained from addressing Bitcoin or any crypto-related policies.

The outlook for crypto remains upbeat, even if there is no immediate action. A number of pro-crypto figures have been appointed to top positions under the Trump administration.

Trump has chosen Paul Atkins to head the SEC and Caroline Pham to head the CFTC, both pro-crypto nominees. He has also established a new position, “AI and Crypto Czar”, occupied by David Sacks. Sacks will focus on issues related to artificial intelligence and crypto.

The combination of pro-crypto appointments and legislative efforts suggests that major regulatory reforms are on the horizon.

Industry leaders remain hopeful that upcoming policies will focus on digital assets. According to a Monday report from Reuters, Circle CEO Jeremy Allaire is confident the president will soon issue orders to ease restrictions on banks holding and trading crypto assets, ending “Operation Choke Point 2.0.”

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