TLDR
- Elon Musk and Angela McArdle ensure the imminent pardon of Ross Ulbricht within 24-48 hours.
- Trump had assured during his campaign that he would reduce Ulbricht’s sentence on his ‘Day 1’ in office.
- Predictive bets on Polymarket show a hefty 99% belief that Ulbricht will be pardoned within Trump’s first 100 days.
- Despite promises during the campaign, no executive orders relevant to crypto were signed on inauguration day.
- In the aftermath of inauguration, TRUMP and MELANIA meme coins saw their prices plummet by 40% and 60% respectively.
Former Silk Road Ross Ulbricht, the founder, is seemingly on the verge of freedom after enduring 11 years of his life sentence. Sources within President Trump's inner circle suggest a pardon or reduction in sentence could be imminent within two days.
Tesla's CEO Elon Musk, associated closely with Trump’s circle, confirmed via the X platform, stating plainly, 'Ross will be free.'
This echoes earlier declarations from Angela McArdle, Libertarian National Committee's chair, who proclaimed that Trump's team reassured her that Ulbricht’s pardon is on the horizon, ‘tonight or early tomorrow.’
Ross will be freed too
— Elon Musk (@elonmusk) January 21, 2025
The possible pardon aligns with Trump's pledge at the Libertarian National Convention in May 2024, where he stated, 'If you choose me, Day 1 will see Ross Ulbricht's sentence commuted.' Ulbricht has been incarcerated since 2015 due to his role in founding the Silk Road marketplace.
These updates have stirred betting markets. Polymarket, a famed prediction platform, records a whopping 99% expectation of Trump issuing a pardon to Ulbricht within the first 100 days of his term.
Uncertainty lingers over the exact nature of Ulbricht’s impending freedom. Originally, Trump’s campaign discussed sentence commutation, reducing the prison term while not fully lifting the conviction. Yet, recent talks highlight 'pardon,' symbolizing complete forgiveness for federal offenses.
Advocates of Ulbricht assert that his life imprisonment without parole was extreme given his offenses. His legal saga has become emblematic for those championing criminal justice reform and cryptocurrency.
Reactions from the crypto markets have been mixed post-inauguration. The Official Trump (TRUMP) meme coin tumbled by 40%, dropping to $32, while the Official Melania Meme (MELANIA) token nosedived by 60% following its introduction.
Famed figures within the crypto sector voiced differing opinions on recent events. Crypto expert Miles Deutscher highlighted the need for patience regarding comprehensive crypto policy shifts, noting that despite the absence of immediate executive directives, developments concerning Ulbricht’s likely pardon and potential regulatory shifts in digital assets are underway.
Investor billionaire Mark Cuban castigated the roll-out of Trump-related meme coins, raising alarms over their impact on the reputation of the crypto market and potential regulatory consequences.
Prediction markets reveal varied levels of confidence regarding other crypto-centric pardons and policy evolutions. Polymarket indicates a 32% chance that Roger Ver, an early Bitcoin proponent amid tax evasion charges, could receive a pardon within the initial 100 days.
Despite the prominence of crypto in Trump’s campaign rhetoric, there has been an absence of executive actions regarding digital currencies in the initial wave of presidential decisions. Current predictions place the likelihood of a crypto-centric executive order within the first week at 43%.
Angela McArdle of the LNC continues to communicate routine updates on the situation, broadcasting messages on the X platform regarding the anticipated timeline of the pardon’s announcement.
The White House is under close scrutiny by industry insiders for any official update on Ulbricht’s release status. Sources within indicate that confirmation could arrive at any point.
While Trump’s inauguration speech notably omitted any reference to cryptocurrency or digital currencies, these elements featured prominently in his electoral messaging.
The timing of potential pardons and policy revisions remains uncertain, with some adherents voicing dissatisfaction at the lack of immediate action, whereas others suggest patience as the administration sets its strategies in motion.
