Trump Backs Crypto, Promises Self-Custody Rights
Former President Trump pledges to support cryptocurrency, protect self-custody rights, and pardon Silk Road founder Ross Ulbricht if re-elected.
Former US President Donald Trump has reaffirmed his support for the cryptocurrency industry, promising to protect users' self-custody rights and block the creation of a central bank digital currency (CBDC). He also vowed to pardon Ross Ulbricht, the Silk Road founder, if re-elected.
On May 25, Trump made several pro-crypto statements before the upcoming election. He emphasized the need for the US to lead in the crypto sector. “I am very positive and open-minded about cryptocurrency companies and everything related to this new and growing industry. Our country must be the leader. There is no second place,” Trump declared.
Trump highlighted a stark contrast with President Joe Biden, accusing him of trying to hinder the crypto industry. “That will never happen with me,” Trump promised. At the Libertarian Party’s National Convention, he assured attendees he would protect their right to self-custody crypto assets and prevent the creation of a CBDC. “I will support the right to self-custody. To the nation’s fifty million crypto holders, I say this: I will keep Elizabeth Warren and her supporters away from your bitcoin, and I will never allow the creation of a central bank digital currency,” Trump added.
Notably, Trump also promised to pardon Ross Ulbricht if re-elected. Ulbricht was sentenced to two life terms plus 40 years in 2015 for running Silk Road, a darknet market for illegal drugs. Many in the crypto community see his sentence as excessive. “If you vote for me, on Day one, I will commute Ross Ulbricht’s sentence to time served. He’s already served 11 years, and we’re going to get him home,” Trump said.
Trump’s pro-crypto stance appears to be boosting his election chances. According to Polymarket, a crypto prediction platform, Trump has a 56% chance of winning, compared to Biden’s 38%. His chances have risen due to his pro-crypto actions and statements. His campaign is now accepting crypto donations, including Bitcoin, making him the first major candidate to do so.
In response, the Biden administration has shifted its stance on crypto. The White House is now looking to work with Congress on effective crypto regulations. The Securities and Exchange Commission (SEC), known for its skeptical view on crypto, recently approved an Ethereum ETF, showing a significant policy shift.
Donald Trump’s recent commitments to the cryptocurrency industry highlight his strong support. He promises to protect self-custody rights, prevent a CBDC, and pardon Ross Ulbricht. These pledges, along with his campaign's acceptance of crypto donations, have improved his election prospects. The Biden administration's evolving approach to crypto regulation and the SEC's approval of an Ethereum ETF reflect the changing landscape of cryptocurrency in the US. As the election nears, Trump’s pro-crypto stance may continue to shape voter opinions and policy directions.
