Will Donald Trump Release Silk Road’s Ulbricht from Prison?

Donald Trump’s return to the White House has reignited discussions about Ross Ulbricht, the founder of Silk Road, and his potential release. It is a highly controversial move as the convict is charged with narcotics but Trump has promised in his election campaign to set him free. Ross Ulbricht has also hinted that he will be freed in January last year after Trump won the election in Nov.

However, Elon Musk has confirmed that Ulbricht’s sentence will be commuted soon, with reports suggesting a formal announcement could come within 24 to 48 hours.

Coming from Texas, Ulbricht, who has served 11 years in prison, was sentenced to life without parole for his role in creating the infamous Silk Road marketplace. Trump had previously promised to address Ulbricht’s case, and his administration now appears ready to act. Angela McArdle, chair of the Libertarian National Committee, stated that a pardon is imminent, and Musk’s recent comments on X have fueled further speculation.

Though it is still not confirmed whether Trump will release any such order this month or not, rumors are fast spreading of his release. 

Crypto Industry Awaits Trump’s Next Move

Despite high expectations, Trump has yet to issue any executive orders related to cryptocurrency. This has led to mixed reactions within the industry. Some voices, like the anonymous crypto account “Flood,” expressed frustration over the lack of immediate action, while others, including analyst Miles Deutscher, urged patience. Deutscher highlighted reports suggesting that Trump’s administration may soon introduce measures to ease regulations for banks holding digital assets.

While critics like Ethereum co-founder Vitalik Buterin said he should be a free man as life imprisonment for his deeds are absurd. 

On the downside, many prosecutors called him a dangerous kingpin but his loyal supporters see him as a libertarian visionary who made drug transactions safer.

Trump creating Speculative Hype 

The launch of Trump-themed meme coins has faced a rocky start. The Official Trump (TRUMP) coin has dropped 40%, while the Melania (MELANIA) token has plummeted 60% just a day after its launch. Critics, including billionaire Mark Cuban, have slammed the tokens as speculative and damaging to crypto’s credibility. 

What’s Next?

As Trump’s administration begins, the focus remains on Ulbricht’s release and potential crypto-friendly policies. VirtualBacon, a notable crypto analyst, suggests that while immediate changes may be limited, the groundwork is being laid for significant developments. For now, the crypto community is closely watching Trump’s next steps.