After Donald Trump’s inauguration, there was an increase in demand for Ross Ulbricht’s release, and Elon Musk confirmed that he would be released.
The decision to release Ross Ulbricht, the founder of the Silk Road marketplace, is being closely monitored by all as Donald Trump assumes responsibility for the upcoming term at The White House. The decision has been verified by Tesla CEO Elon Musk, who has maintained a close relationship with the Trump team. Musk responded to a post on a social media platform by stating, “Ross will be freed as well.”
Ross Ulbricht, the founder of Silk Road, is expected to be released from prison shortly
Ross Ulbricht, the founder of the Silk Road, has not yet received an official communication from Donald Trump regarding the possibility of his prison sentence being commuted. Last year, during his presidential campaign, Trump declared, “If you vote for me, I will commute Ross Ulbricht’s sentence on the first day.”
After the inauguration ceremony, Trump signed numerous executive orders in the Oval Office. As a result, the public is eagerly anticipating his decision to pardon Ulbricht after 11 years in prison. Elon Musk, a tech magnate and close associate of Trump, has verified the release of the Silk Road founder.
Ross Ulbricht is anticipated to receive a presidential clemency within the next 24 to 48 hours, according to Angela McArdle, the chair of the Libertarian National Committee (LNC). McArdle composed the following missive on the X platform:
“Pres. Trump’s staff just confirmed to me Ross’s pardon will be issued late tonight or tomorrow morning”.
In a recent X post response, Elon Musk also verified the same, increasing market optimism. It is important to note that Ross Ulbricht’s post on X in May 2024 indicated that Trump would “commute” the sentence for the Silk Road founder.
This implies that the severity of the punishment or the penitentiary term would be diminished. Consequently, it will be intriguing to observe whether Trump goes further and pardons the sentence, thereby granting complete absolution.
Absence of a Crypto Executive Order on Day 1?
Although the broader crypto industry had high expectations that President Donald Trump would issue a crypto executive order on his first day in office, no such development has occurred thus far. There have been a variety of responses to this development.
An anonymous crypto handle known as “Flood” made the following statement: “Has the Trump crime family hoodwinked us? There is no Ross Pardon, no legalization of perpetual swaps, and no crypto executive order.” Nevertheless, other professionals have advised the industry to exercise forbearance. Popular crypto analyst Miles Deutscher expressed his optimism regarding Ross Ulbricht’s pardon, stating, “There have been numerous positive developments in the wake of Ross Ulbricht’s pardon.”
“Tbh, it was unlikely Trump was going to mention crypto in his speech anyway. What matters is what happens over the coming days. There are already reports of pardoning Ross Ulbricht + and an executive order to allow banks to more easily hold digital assets. Patience”.
TRUMP Meme Coin Tanks 40%
As of press time, the Official Trump (TRUMP) meme coin has experienced a 40% decline, with a value of $32 following the January 20 inauguration. Similarly, the Official Melania Meme (MELANIA) has experienced a 60% decline in popularity just one day following its launch.
The Trump family’s introduction of meme coins has been criticized harshly by several experts, including those in the crypto industry. Mark Cuban, a billionaire investor, has expressed his disapproval of the TRUMP meme coin, describing it as excessively speculative. Cuban expressed apprehension regarding the token’s potential to undermine the credibility of cryptocurrency and exacerbate regulatory challenges for the broader market.