Donald Trump Pledges Support for Crypto & Ross Ulbricht
Former U.S. President Donald Trump, a leading Republican candidate for the 2024 presidential election, recently made headlines for expressing his support for the cryptocurrency industry and his pledge to commute the sentence of Ross Ulbricht if re-elected. Here are the key highlights of Trump’s recent statements:
Key Pledges by Donald Trump
- Trump vowed to commute Ross Ulbricht’s life sentence to time served if he is re-elected as president.
- Ross Ulbricht, the founder of the darknet marketplace Silk Road, has already served 11 years in prison.
- Trump expressed strong support for the cryptocurrency industry, promising to halt what he referred to as the “crusade to crush crypto” and ensure its future in the United States.
- He also pledged to uphold the right to self-custody and prevent the development of a central bank digital currency (CBDC).
- These remarks were made by Trump during his address at the Libertarian National Convention as part of his efforts to garner support from party activists.
Controversial Reception at Convention
Speaking at the Libertarian National Convention in Washington, D.C., Trump faced a divided audience with both cheers and jeers. Despite the mixed reaction, his comments on cryptocurrency and the pledge to release Ulbricht struck a chord with many attendees, some of whom held up signs advocating for Ulbricht’s release.
Ulbricht, who is currently 40 years old, received a life sentence without the possibility of parole in 2015 for his role in creating and operating Silk Road, a platform known for facilitating anonymous transactions, primarily involving narcotics.
With 11 years already served, Trump’s commitment to commuting Ulbricht’s sentence upon his return to office was met with enthusiastic support from the crowd.
Support for Cryptocurrency Industry
Besides addressing Ulbricht’s case, Trump also expressed his backing for the broader cryptocurrency sector.
He vowed to put an end to what he described as President Joe Biden’s hostile stance towards crypto, promising to promote the growth and innovation of digital currencies like Bitcoin within the United States, rather than seeing them relocate overseas.
Additionally, Trump emphasized his support for individuals’ rights to self-custody their digital assets and opposed the introduction of a central bank digital currency (CBDC).
“To the nation’s fifty million crypto holders, I say this: with your vote, I will keep Elizabeth Warren and her goons away from your Bitcoin,”
Trump’s statement directly targeted Democratic Senator Elizabeth Warren, who has been vocal in her criticism of the cryptocurrency industry.
These recent pro-crypto declarations mark a noticeable shift in Trump’s stance towards digital currencies.
Having previously been skeptical about Bitcoin, the former president now seems to be warming up to the idea, evidenced by his campaign’s decision to start accepting cryptocurrency donations as part of outreach efforts beyond the traditional Republican audience.
Hot Take: Closing Thoughts
As a crypto enthusiast, the emergence of major political figures like Donald Trump openly supporting the industry is a significant development. Trump’s promises to back cryptocurrency, protect individual custody rights, and block the introduction of a CBDC could have far-reaching implications for the sector. Whether these commitments materialize and how they could shape the future of cryptocurrency in the U.S. remains to be seen, but it is undoubtedly a noteworthy step in the ongoing evolution of digital assets.
By
By
By
By
By
By