Trump Pledges Clemency to Ulbricht

Silk Road founder Ross Ulbricht offered up thanks to former U.S. President and 2024 hopeful Donald Trump.

Trump pledged to commute Ulbricht's sentence "on day one" of his term if he's reelected. The promise was made during a speech at the Libertarian National Convention on Saturday night.

"Last night, Donald Trump pledged to commute my sentence on day one if reelected. Thank you. Thank you. Thank you," Ulbricht wrote on Twitter. "After 11 years in prison, it is hard to express how I feel at this moment. Thanks to your undying support, I may get a second chance."

Attendees had been handing out "Free Ross" signs ahead of the event. It was one of the few moments that earned Trump cheers during his speech. He also promised to "keep Elizabeth Warren and her goons away from your Bitcoin," but the bullish BTC talk doesn't seem to have done much for the price.

Bitcoin Price Unmoved

When writing, Bitcoin is trading for just under $69,000. That's 0.8% lower than it was this time yesterday and a 2.5% gain compared to last week. Despite Trump's promises, the broader cryptocurrency community remains skeptical.

Ulbricht was arrested in October 2013 for his connection to Silk Road, an online black market.

Two years later, a judge sentenced him to serve life in prison for drug trafficking, computer hacking, and money laundering. Libertarians have long called for his release, saying his life sentence is an example of government overreach.

Mixed Reactions from Crypto Community

Jameson Lopp, Bitcoin wallet provider Casa's chief technology officer, called the line political pandering.

"He had the opportunity to do so for four years and declined," he wrote on Twitter. "Actions speak louder than words." Trump reportedly considered granting clemency to Ulbricht as part of a round of pardons following his 2020 election defeat, but in the event did not do so.

Meanwhile, Adam Cochran -- the founding partner at Cinneamhain Ventures and an outspoken figure in Crypto Twitter regarding law and policy -- has been arguing that the industry shouldn't take Trump's bait.

"Unlike Biden, Trump has a decades-long history of backpedaling, not paying his bills, selling out others for his interests and has promised policy that is economically destabilizing (politicizing the Fed, pulling out of international agreements)," he wrote on Sunday afternoon. "So even if you only care about the economics, the weird circlejerk of Trump on CT is misguided."

Industry Voices Weigh In

But a few notable figures have been swayed. Messari co-founder and CEO Ryan Selkis has been especially chatty on Twitter since Saturday. He's reposted pro-Trump messages on Twitter, such as "Trump saved crypto."

Selkis also shared a message posted by Gabriel Shapiro, a U.S. attorney and Delphi Labs' general counsel, speculating that the industry could see "an amazing vibe shift at the SEC under Trump."

"Actions speak louder than words." - Jameson Lopp, CTO of Casa

The cryptocurrency community remains divided over Trump's promises. While some see potential benefits, others remain wary of political pandering and broken promises.