A recent article from Bloomberg highlights that former President Donald Trump has made new commitments to the cryptocurrency community in hopes of securing votes in the upcoming US presidential election. A key part of these commitments includes a contentious promise to reduce the prison sentence of Ross Ulbricht, who is known for founding the Silk Road marketplace.
Trump’s Approach to Attract Crypto Support
Ross Ulbricht launched Silk Road in 2011, creating a platform for users to buy and sell illegal goods and services anonymously using Bitcoin (BTC). The US Department of Justice (DOJ) reports that during its two years of operation, the site facilitated more than $200 million in illicit transactions.
Ulbricht was arrested in 2013 and convicted on several serious charges, including drug trafficking, conspiracy to commit computer hacking, and money laundering. He is currently serving a life sentence without parole and has been in federal prison for 12 years.
Prosecutors claim Ulbricht tried to orchestrate multiple murders to defend his operation, though no murders were ever proven. He is housed at a federal prison in Tucson, Arizona, and his attempts to appeal his sentence have been unsuccessful.
Trump’s support for Ulbricht’s release offers him a chance to engage with a crypto community that sees Ulbricht as a representation of Bitcoin’s foundational ideals.
The cryptocurrency sector, including early Bitcoin developers, have consistently advocated for Ulbricht’s release, viewing his situation as a representation of Bitcoin’s ability to provide a “censorship-resistant transactional system.”
Insights From within Prison Amid Trump’s Promises
Bloomberg notes that Trump’s promise to commute Ulbricht’s sentence is part of a larger plan to win over crypto enthusiasts. In May, at a Libertarian Party event, Trump stated, “If you vote for me on day one, I will commute the sentence of Ross Ulbricht. He’s already served 11 years. We’re gonna get him home.”
Despite being incarcerated, Ulbricht has stayed in touch with the outside world through letters and blog entries, expressing gratitude for the cryptocurrency community’s support. He argues that his intentions for Silk Road were focused on promoting privacy and freedom via Bitcoin, despite acknowledging the platform’s illegal aspects. In an April blog post, he reflected:
Much more is being said about Bitcoin these days than when I was put in prison. I thought I was putting Bitcoin to good use and giving people privacy and freedom. When illegal drugs were listed, I thought that was OK too, because I believed drugs should be legalized.
Besides the pledge concerning Ulbricht, Trump has proposed other significant initiatives for the crypto community, including establishing a national Bitcoin reserve and a promise to dismiss Gary Gensler, the current Chair of the Securities and Exchange Commission (SEC).
Interestingly, Trump is regarded as the “clear favorite” in the forthcoming presidential election, which is approaching in less than two months. A recent CNN poll indicates he has a 68% likelihood of winning against Vice President Kamala Harris.
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