Key takeaways
- Elon Musk expects Donald Trump to pardon Ross Ulbricht by the president.
- Trump has appointed pro-crypto officials to lead key financial regulatory agencies.
Elon Musk said that Ross Ulbricht, the founder of the Silk Road market, will receive a presidential pardon from Donald Trump. The Tesla CEO said that “Ross will also be freed” in response to a user’s comment on X urging Trump to pardon Ulbricht.
Ross will also be freed
— Elon Musk (@elonmusk) 21 January 2025
According to Angela McArdle, chair of the Libertarian National Committee (LNC), Ulbricht is expected to be pardoned tonight or tomorrow.
Pres. Trump’s staff just confirmed to me that Ross’ pardon will be issued late tonight or tomorrow morning. ❤️
— Angela McArdle (@angela4LNCChair) 21 January 2025
Ulbricht was sentenced in 2015 to life imprisonment for his role in the operation of the Silk Road. He was found not guilty of direct harm but convicted of facilitating illegal activity on the platform.
The creator of the infamous marketplace has expressed remorse for his actions. He has worked to improve himself while incarcerated, including studying and advocating for his release.
In May 2024, Trump promised to commute Ulbricht’s sentence on his first day in office during his speech at the Libertarian National Convention. The president reiterated his promise at the 2024 Bitcoin conference, which has led many to believe he will follow through now that he has taken office.
Ulbricht’s supporters and many crypto community members are optimistic that Trump will keep his promise. On Polymarket, users now estimate a 94% probability that Trump will pardon Ulbricht within his first 100 days in office.
Trump skips crypto talk at inauguration
Trump was sworn in as the 47th president of the United States without any mention of crypto during his inaugural address. This disappointed many who had expected him to address topics such as Bitcoin, the establishment of a national Bitcoin repository, or positioning the United States as a global leader in the crypto space.
After his inauguration, Trump signed a series of executive orders but refrained from addressing Bitcoin or any other crypto-related policy.
The outlook for crypto remains optimistic, even if there is no immediate action. A number of pro-crypto figures have been appointed to top positions under the Trump administration.
Trump has chosen Paul Atkins to lead the SEC and Caroline Pham to head the CFTC, both crypto nominees. He has also established a new position, “AI and Crypto Czar”, added by David Sacks. Sacks will focus on issues related to artificial intelligence and crypto.
The combination of pro-crypto appointments and legislative efforts suggests that major regulatory reform is on the horizon.
Industry leaders remain hopeful that future policies will focus on digital assets. According to a Monday report from Reuters, Circle CEO Jeremy Allaire is confident the president will soon issue executive orders to ease restrictions on banks holding and trading crypto assets, ending “Operation Choke Point 2.0.”
