According to Cointelegraph, with Donald Trump set to be inaugurated for a second term as US President on January 20, the crypto industry is anticipating a shift in the administration's approach to digital assets. Trump's initial term began in January 2017, following a narrow victory over former US Secretary of State Hillary Clinton. During his 2016 campaign, Trump did not address cryptocurrency, blockchain, or Bitcoin (BTC), a stark contrast to the 2024 election cycle.
When Trump won the presidency in November 2016, Bitcoin was valued at approximately $700, rising to around $900 by his inauguration in 2017. By the time he left office in January 2021, Bitcoin's price had surged by roughly 4,000% to over $36,000, despite a significant drop at the onset of the COVID-19 pandemic. One notable moment during Trump's presidency was his 2019 Twitter post, where he expressed his disapproval of Bitcoin and cryptocurrencies, describing them as "based on thin air." This marked the first time a sitting US president publicly commented on crypto, drawing attention to the technology from the highest office.
In terms of regulation, Trump's national security adviser John Bolton revealed in a book that Trump instructed his Treasury secretary in 2018 to "go after Bitcoin," hinting at a potential regulatory crackdown. Under the leadership of Securities and Exchange Commission Chair Jay Clayton, the SEC pursued 62 enforcement actions related to crypto assets, targeting entities like Ripple Labs, Block.one, and actor Steven Seagal. Even after losing the 2020 election to Joe Biden, Trump maintained a critical stance on digital assets, labeling Bitcoin as a "scam" in a June 2021 interview and suggesting it competed with the US dollar. However, this sentiment shifted when he launched his own line of non-fungible token (NFT) digital trading cards in December 2022, coinciding with his announcement to run for president again in November 2022.
Regarding Ross Ulbricht, the Silk Road founder, Trump had the opportunity to pardon or commute Ulbricht's life sentence during his first term but did not take action. Ulbricht was convicted in 2015 for money laundering, computer hacking, and conspiracy to traffic narcotics. Although reports in 2020 indicated Trump was sympathetic to Ulbricht's case, he did not seriously consider a pardon until it became part of his 2024 campaign promises. In May 2024, Trump, as a candidate, pledged to commute Ulbricht's sentence "on day one" if elected, potentially freeing Ulbricht by the end of January. Until then, President Biden retains the authority to pardon federal charges, including those against Ulbricht.
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