A recent Bloomberg article reveals that former President Donald Trump has offered several new incentives to the crypto community in the event of a victory in the upcoming US presidential election. Among these proposals is a contentious promise to reduce the sentence of Ross Ulbricht, the creator of the notorious Silk Road marketplace.
Trump’s Plan to Capture Crypto Votes
In 2011, Ross Ulbricht launched Silk Road, an online platform that enabled the anonymous exchange of illegal goods and services via Bitcoin (BTC). Throughout its two-year lifecycle, Silk Road was associated with over $200 million in illicit transactions, as reported by the US Department of Justice (DOJ).
Ulbricht was apprehended in 2013 and later convicted on several charges, including drug trafficking, conspiracy to engage in computer hacking, and money laundering. He is currently serving two life sentences without the possibility of parole, having already spent twelve years incarcerated.
Prosecutors claimed that Ulbricht attempted to arrange five murders to safeguard his operation, although there is no proof that any murders were committed. He is currently held in a federal facility in Tucson, Arizona, where he has attempted to appeal his sentence unsuccessfully twice.
For Trump, supporting Ulbricht’s release is a chance to engage with the cryptocurrency sector, which has rallied behind Ulbricht as a representation of the foundational ideals of Bitcoin.
Many within the cryptocurrency community, including some of Bitcoin’s early developers, have consistently advocated for Ulbricht’s cause, perceiving his situation as emblematic of Bitcoin’s capacity to function as a “censorship-resistant transactional system.”
Musings From Prison in Light of Trump’s Commitments
According to Bloomberg, Trump’s declaration regarding commutation of Ulbricht’s sentence signifies a broader strategy to win over crypto supporters and devoted advocates of the movement. In a speech at the Libertarian Party convention in May, Trump stated, “If you elect me, on day one I will commute the sentence of Ross Ulbricht. He’s already served over 11 years. We’re bringing him home.”
Despite his incarceration, Ulbricht has kept in touch with the outside world through letters and blog entries. He continues to advocate for Bitcoin, acknowledging the cryptocurrency community’s backing of his efforts.
Ulbricht asserts that his original intentions for Silk Road revolved around offering privacy and freedom via Bitcoin, even as he admits to the illegal activities that occurred on the platform. In a blog post published in April, Ulbricht remarked:
There’s much more dialogue about Bitcoin now compared to when I was incarcerated. I believed I was utilizing Bitcoin for a good purpose, granting individuals privacy and freedom. I also thought it was acceptable that illegal drugs were listed, as I believed that drug legalization was necessary.
Alongside the Ulbricht promise, Trump has proposed other significant commitments to the community, which includes establishing a strategic Bitcoin reserve for the US and pledging to remove Gary Gensler, the current Chair of the Securities and Exchange Commission (SEC).
Notably, the former President is presently the “clear favorite” in the impending presidential election, which is now less than two months away, based on CNN’s latest national polling data, predicting over a 68% likelihood of a Trump victory against Vice President Kamala Harris.
Featured image from DALL-E, chart from TradingView.com
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