Key Takeaways
- Elon Musk anticipates a presidential pardon for Ross Ulbricht by Donald Trump.
- Trump has appointed pro-crypto officials to lead key financial regulation agencies.
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Elon Musk said Ross Ulbricht, the founder of the Silk Road marketplace, will receive a presidential pardon from Donald Trump. The Tesla CEO stated “Ross will be freed too” in response to a user’s comment on X urging Trump to pardon Ulbricht.
Ross will be freed too
— Elon Musk (@elonmusk) January 21, 2025
Ulbricht was sentenced in 2015 to two life terms plus 40 years for his role in operating the Silk Road. He was not found guilty of direct harm but was convicted of facilitating illegal activities on the platform.
The creator of the notorious marketplace has expressed remorse for his actions. He has been working towards self-improvement while incarcerated, including pursuing education and advocating for his release.
In May 2024, Trump pledged to commute Ulbricht’s sentence on his first day in office. He reiterated this promise at the Libertarian National Convention, which has led many to believe he will follow through now that he has assumed office.
Ulbricht’s supporters and many crypto community members are optimistic that Trump will honor his pledge. On Polymarket, users now estimate a 94% probability of Trump pardoning Ulbricht within his first 100 days in office.
Trump skips crypto talk at inauguration
Trump was sworn in as the 47th president of the United States without any mention of crypto during his inauguration speech. This disappointed many who had anticipated he would address topics like Bitcoin, the establishment of a national Bitcoin stockpile, or positioning the US as a global leader in the crypto space.
Following his inauguration, Trump signed a series of executive orders but refrained from addressing Bitcoin or any crypto-related policies.
The outlook for crypto is still optimistic, even though there is no immediate action. A number of pro-crypto figures have been appointed to top positions under the Trump administration.
Trump has picked Paul Atkins to lead the SEC and Caroline Pham as the head of the CFTC, both of whom are pro-crypto nominees. He has also established a new position, “AI and Crypto Czar,” filled by David Sacks. Sacks will focus on issues related to artificial intelligence and crypto.
The combination of pro-crypto appointments and legislative efforts suggests that major regulatory reforms are on the horizon.
Industry leaders remain hopeful that upcoming policies will focus on digital assets. According to a Monday report from Reuters, Circle CEO Jeremy Allaire is confident that the President will soon issue executive orders to ease restrictions on banks holding and trading crypto assets, ending “Operation Choke Point 2.0.”
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