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Former President Trump pledges to support crypto, protect self-custody rights

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Former President Trump pledges to support crypto, protect self-custody rights

Former US President Donald Trump once again supported the crypto business, pledging to defend users’ self-custody rights and stop a central bank digital currency. If re-elected, he promised to pardon Silk Road founder Ross Ulbricht.

Trump made multiple pro-crypto remarks before the election on May 25. The US must lead crypto, he said. “I am optimistic and open-minded about crypto companies and this new and growing industry. Our nation must lead. Trump said there was no second place.

Trump contrasted with President Joe Biden, accusing him of hindering the crypto business. “That will never happen with me,” Trump said. At the Libertarian Party’s National Convention, he promised to defend crypto asset self-custody and oppose CBDCs. “I support self-custody. To the nation’s fifty million crypto holders, I will keep Elizabeth Warren and her followers away from your bitcoin and never authorize a central bank digital currency, Trump said.

Trump has pledged to pardon Ross Ulbricht if reelected. Silk Road operator Ulbricht received two life sentences plus 40 years in 2015 for operating a narcotics darknet.

Crypto enthusiasts consider his punishment disproportionate. “If you vote for me, I will commute Ross Ulbricht’s sentence to time served on Day one. After 11 years, we’ll bring him home, Trump stated.

Trump’s pro-crypto position may help him win. Trump has a 56% probability of victory, while Biden has 38%, according to bitcoin prediction firm Polymarket.

Pro-crypto actions and remarks have boosted his prospects. He is the first prominent contender to accept Bitcoin contributions.

In response, the Biden administration changed its crypto policy. The White House wants Congress to regulate crypto effectively. The SEC, renowned for its skepticism of crypto, authorized an Ethereum ETF, a major policy move.

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