Trump claims to support the crypto industry and overturn the conviction of the Silk Road founder if he wins the presidential election. Should the community trust him?
Former U.S. President and Republican Party candidate Donald Trump supported the cryptocurrency industry amid the upcoming elections.
“I am very positive and open minded to cryptocurrency companies and all things related to this new and bourgeoning industry. Our country must be the leader in the field, and there is no second place.”
Donald Trump, Republican Party candidate
During a speech at the National Convention of the Libertarian Party, he said that the future of cryptocurrencies will be created in the United States. He also pledged to support self-custody rights for the nation’s 50 million digital assets holders.
Trump also promised to keep Senator Elizabeth Warren away from Bitcoin (BTC) and would never allow the launch of a CBDC. He believes that current President Joe Biden is trying to stop the expansion of the crypto industry into the American market.
“I will ensure that the future of crypto and the future of Bitcoin will be made in the USA, not driven overseas. I will support the right to self custody.”
Donald Trump, Republican Party candidate
Silk Road founder release
During the same speech, the leader of the Republican Party promised to release the founder of the darknet marketplace Silk Road, Ross Ulbricht. If he wins the election, Trump promised to cancel the sentence on the first day.
“He’s already served 11 years, we’re gonna get him home.”
Donald Trump, Republican Party candidate
Two life sentences for Ulbricht
Silk Road was an anonymous marketplace that was used to facilitate illegal activities, including drug trafficking and money laundering.
Silk Road, which closed in 2013, processed payments worth up to $45 million (all in BTC), meaning that the marketplace was once one of the largest BTC holders. Law enforcement reportedly seized 174,000 BTC from Ulbricht and the Silk Road syndicate.
In February 2015, Ulbricht received two life sentences and an additional 40 years in prison.
He managed to outplay — and evade — the entire U.S. law enforcement system eye for almost two years, and some of the agents leading the investigation succumbed to temptation and drowned themselves on the darknet.
Over the entire existence of this market, more than one and a half million transactions worth more than $200 million were carried out on it, and the number of registered users exceeded 100,000. According to the prosecution, Ulbricht earned about $13.2 million in commissions from transactions on his site.
Trump is taking over the crypto industry
Earlier this month, during an event to promote his Mugshot Edition NFT collection, the Republican candidate pledged support for the crypto industry, contrasting it with Biden’s administration policies.
Trump’s campaign later began collecting donations in cryptocurrencies such as Bitcoin and Dogecoin (DOGE).
Bitcoin Magazine CEO David Bailey also admitted that he is involved in the Trump campaign. The magazine is helping prepare a draft regulation of the crypto market, which should become a regulatory act if the Republican candidate wins.
The businessman said the magazine is starting to solicit donations for the Republican candidate’s presidential campaign, planning to raise $100 million, including cryptocurrency. He made it clear that he is desperately counting on the votes of crypto enthusiasts.
The crypto community is up in arms against Biden
Amid the presidential campaign, criticism of the current government for its position on cryptocurrencies is growing, while support for Trump from the crypto community is expanding.
Thus, Cardano co-founder Charles Hoskinson stated Biden’s desire to “destroy the American cryptocurrency industry.”
The founder of the decentralized exchange Uniswap, Hayden Adams, also called the administration’s actions an “all-out war” on the industry. The entrepreneur admitted that Biden could lose the election due to his opposition to cryptocurrencies.
ConsenSys CEO Joseph Lubin believes the President-backed Securities and Exchange Commission (SEC), led by Gary Gensler, is deliberately hindering innovation in the U.S. and threatening the future of the country’s financial system.
Trump is advancing, Biden is making a 180-degree turn
Against the backdrop of Trump’s support for the crypto industry, the Biden administration also joined the race for the loyalty of the crypto community’s votes.
While experts predict Biden will lose the presidential race, his administration appears to be struggling to change its cryptocurrency rhetoric.
This is indicated by several events, most notably the approval of spot Ethereum ETFs last week. Experts note that this may be a political decision since Biden and the Democratic Party are desperate for the votes of the younger generation.
Additionally, in May, the U.S. Senate and House of Representatives voted to repeal SEC Rule SAB 121, prohibiting highly regulated financial institutions from holding cryptocurrency on their balance sheets.
Thus, the SEC closed the ability of American banks to act as custodians of their clients’ digital assets.
In addition, the U.S. House of Representatives approved the Financial Innovation and Technology for the 21st Century (FIT21) bill. Many, including Coinbase CEO Brian Armstrong, see it as a historic moment and the first step toward precise regulation of the industry in the United States.
Who will win?
Despite Biden’s efforts in recent weeks, he still lags behind Trump in support for the crypto community. It is still being determined whether Trump will fulfill his campaign promises this time. However, during his presidency, he was remembered as one of the few heads of state who fulfilled most of his campaign promises.
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