Trump Continues to Back Cryptocurrency Industry, Supports Silk Road Convict
Former President Donald Trump unexpectedly declared his support for the convicted founder of the notorious Silk Road online illegal marketplace, Ross Ulbricht, shocking both political observers and the Bitcoin community. Trump also advocated for a wider acceptance of cryptocurrencies in the United States during a rally in Florida, indicating a substantial change in his position on virtual currencies.
Speaking to supporters, Trump pushed for Ross Ulbricht’s release. Ulbricht is presently serving a double life sentence plus an additional 40 years in prison without the chance of parole for his involvement in setting up and running the Silk Road. The primary purpose of the dark web-based online platform was to sell illicit products, including drugs, through the use of Bitcoin.
Trump said, “Ross Ulbricht was treated very unfairly. For essentially operating a website, he received a life sentence. This case requires further examination, and justice must be served.” Ulbricht was arrested in 2013, and has been the most discussed in cryptocurrency-related case in recent time.
Trump Pushes More Support for Bitcoin Despite Previous Negative Statements
Trump has regularly discussed his doubts about cryptocurrencies during his presidency, and had once called Bitcoin, which he once called “based on thin air.” For unknown reasons, Trump has made a U-turn, stating that adopting cryptocurrency might help the United States economy and position it as a leader in technology.
Trump’s support for cryptocurrencies fits with an increasing trend of American legislators and authorities considering adopting more welcoming digital asset laws. While speaking to his supporters, Trump also revealed his plans to halt the creation of the Central Bank Digital Currency (CBDC).
The CBDC has been accused of having a central database that stores users’ information and, hence, can control their spending. Trump also said his government will focus more of its policies on the over 50 million cryptocurrency holders in the United States.
Trump also drew attention to concerns raised in his trial, such as the supposed irregularities of government officials conducting the inquiry. Ulbricht’s sentence has stayed the same despite numerous appeals, and attempts to obtain clemency have not been successful thus far.
Ross Ulbricht’s Mother Speaks, Continues Demand for the Son’s Release
Legislators Warren Davidson and Cynthia Lummis, among others, have advocated for more transparent regulatory frameworks that foster innovation while protecting consumers. Reactions to Trump’s two announcements have been conflicting. Ross Ulbricht’s supporters and the larger Bitcoin community have praised his remarks.
Ross Ulbricht’s mother, Lyn Ulbricht, has persistently supported her son’s release and said, “It’s about time someone in power recognized the need for a fair reassessment of Ross’s case.” However, some contend that Trump’s backing of Ulbricht may jeopardize initiatives to stop cybercrime and illicit online activity.
John Bennett, a former FBI agent working on the Silk Road investigation, claimed that the Silk Road “facilitated numerous criminal activities, and encouraging its founder conveys a risky message.” Finance experts also offer their opinions on Trump’s apparent endorsement of cryptocurrency.
Trump-themed Meme Coins Records Major Activity, Trading Rise Over 6%
However, the Trump meme and some of his NFTs have recently experienced a boost in market value. MAGA, one of the Trump-themed coins, had a 6.39% increase in its trading volume in the last 24 hours, amounting to $18,594,453.31. Trump has assured his supporters that his presidency will significantly benefit the cryptocurrency industry.
To mark the event, investors who bought the “Mugshot Edition” NFT were allowed to have lunch with Trump at his residence at Mar-a-Lago resort, where he threw more light on his plans for the industry. Industry analysts claim that Trump’s move is strategic and will go a long way in lobbying the votes of cryptocurrency holders in the United States.
Trump’s campaign team has announced that they are now open to accepting donations in cryptocurrency and digital assets, with assets like Dogecoin, Bitcoin, Ethereum, and over twenty others accepted by the team. With this development, Trump and Robert F. Kennedy Jr. (an independent candidate) are officially the first presidential candidates to accept cryptocurrency donations.
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