Trump promises to commit Ross Ulbricht’s life sentence and accepts crypto donations for his 2024 campaign.
TakeAway Points:
- Trump appeals to libertarians and the cryptocurrency community by promising to commute Ross Ulbricht’s life sentence if re-elected.
- Trump criticises Biden’s stance on cryptocurrencies, promising to support the industry and prevent the issuance of digital money by a central bank.
- Trump’s embrace of cryptocurrency and willingness to accept donations in cryptocurrency indicate a substantial change in his attitude towards the emerging sector.
The Pro-Crypto Position of Trump
Prior to the next presidential election, former President Donald Trump has greatly increased his advocacy of cryptocurrencies in an effort to win over pro-crypto voters. Trump recently stated, “I am very favourable and open minded to cryptocurrency companies and all things linked to this new and developing industry” in a blog post on Truth Social.
Declaring, “Our country must be the top in the area; there is no second place,” he underlined how crucial it is that the United States take the lead in the crypto industry. This declaration was made before his speech at the Washington, D.C., Libertarian National Convention.
Trump’s recent actions have made it clear that he supports cryptocurrency. He expressed support for cryptocurrencies at a Mar-a-Lago dinner earlier this month. He is the first major party presidential contender to embrace cryptocurrencies like Bitcoin and Ether, as his campaign has begun to take cryptocurrency donations.
This approach is consistent with his overarching plan to win over political action groups that are raising millions of dollars to support candidates who embrace digital currencies.
Ulbricht’s Argument and Libertarian Backing
Trump has demanded that Ross Ulbricht’s life sentence be commuted in an effort to win over libertarian votes. Ulbricht is a life prisoner for creating the Silk Road internet marketplace, where users could purchase illegal drugs and hacking equipment using Bitcoin and other virtual currencies.
“I would commute Ross Ulbricht’s sentence if you vote for me on day one,” Trump declared during the Libertarian Party convention. He has served eleven years already. “We are going to return him home.”
Many in the crypto world and among libertarians have come to view Ulbricht as a martyr because they believe that his harsh punishment was an abuse of power by the government and a breach of his fundamental rights. In 2018, the Libertarian Party had previously urged President Trump to pardon Ulbricht.
The Libertarian Party has not embraced Trump, meanwhile, and it intends to select its own candidates for president and vice president. Party spokesman Brian McWilliams declared that the Libertarians have no intention of working with Trump, and the audience responded to his remarks with jeers and applause.
Political and Legal Background
Trump’s pro-crypto position coincides with intense examination of the sector. Entrepreneur Vivek Ramaswamy has advocated for deregulating the cryptocurrency market, and Trump is reportedly considering him for a high administration position. This stands in stark contrast to the bipartisan campaign for increased oversight that followed FTX’s bankruptcy and Sam Bankman-Fried’s fraud conviction. To safeguard consumers, both Democrats and Republicans have argued for more regulation.
Trump’s appeal to Libertarians is part of a deliberate effort to acquire their constant 3% voting base, which he believes is vital for his campaign, despite the conflicting reactions at the Libertarian convention. One of his campaign’s senior advisors admitted that in order for Republican candidates to win, they usually neglect to interact with voters.
