Industry support and the Silk Road founder release: what Trump promises to the crypto community
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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