Former President Donald Trump has recently made a promise to grant a presidential pardon to Ross Ulbricht, the founder of Silk Road, if re-elected in the upcoming election. Trump announced this during the Libertarian Party’s National Convention in Washington on May 25, stating that he would commute Ulbricht’s sentence on day one if voted back into office. Ulbricht, who has already served 11 years, was sentenced to two life terms in prison for his involvement in operating the darknet market Silk Road under the username “Dread Pirate Roberts.”
Silk Road, known as the first modern darknet market with a payment system built on Bitcoin, was established in 2011 by Ulbricht. However, in 2013, the FBI seized Ulbricht’s personal laptop, leading to his arrest and subsequent conviction in a U.S. federal court in 2015. Despite skepticism towards digital assets in the past, Trump also expressed his pro-crypto stance during the convention, emphasizing his commitment to the development of cryptocurrency and Bitcoin within the United States rather than overseas. He promised to protect individuals holding crypto assets outside centralized exchanges and assured crypto holders that he would keep Senator Elizabeth Warren and her associates away from their Bitcoin.
The announcement regarding a potential pardon for Ulbricht has sparked discussions within the crypto and legal communities, with some arguing that a pardon could provide a second chance for Ulbricht, while others express concerns about pardoning someone convicted of running an illegal marketplace. Cryptocurrencies have not only gained popularity among retail users but are also being used to influence politics. A political action committee (PAC) named Fairshake, backed by prominent figures in the cryptocurrency industry, has been focusing on key Senate races with the aim of potentially shifting the balance of power in Congress. The PAC recently spent over $10 million opposing a Democratic U.S. Senate candidate in California, highlighting the growing influence of cryptocurrencies in the political landscape.
According to a recent report, approximately 73% of US voters believe that presidential candidates should have an informed perspective on innovative technologies like artificial intelligence (AI) and cryptocurrency. Additionally, a report from Coinbase suggested that California voters who own cryptocurrencies are expected to have a significant impact on the 2024 elections. The increasing adoption and use of cryptocurrencies in various sectors, including politics, underscore the need for policymakers and politicians to have a good understanding of the technology and its implications. With the upcoming election drawing closer, the intersection of cryptocurrencies and politics is likely to continue evolving and shaping the future of both realms.
