Donald Trump's victory in the 2024 election could significantly affect cryptocurrencies. However, his win is overshadowed by legal issues. The article explores the implications of Trump's win for cryptocurrencies, his current legal battles, and Ross Ulbricht's chances for freedom.
Impact of Trump's Victory on His Legal Cases
With the election victory, Trump's legal status has shifted significantly. He now controls the Department of Justice (DOJ), which is pursuing federal cases against him. Traditionally, the DOJ does not have the authority to prosecute a sitting president, which may pressure the agency to drop the cases. Trump may also reconfigure the DOJ staff to his favor. On the state level, cases such as the 'hush money' case in Manhattan and charges in Georgia do not fall under federal jurisdiction. In these cases, courts may consider alternative measures rather than sentencing a president.
What It Means for Ross Ulbricht
Trump's reelection has reignited hopes for Ross Ulbricht's potential clemency. Ulbricht, the founder of Silk Road, is serving two life sentences plus 40 years. His case has become emblematic in the era of cryptocurrencies. Trump previously expressed interest in revisiting his case but did not grant clemency. Now, Ulbricht's supporters hope for a pardon. At the Libertarian Party convention, Trump vowed to free Ulbricht on his first day in office, energizing his supporters.
Trump's Win and Its Meaning for Cryptocurrency
Trump's victory is met with anticipation for improved conditions in the crypto industry. Unlike previous regulatory approaches, his administration might ease operations for crypto exchanges and reduce regulatory pressures. By planning to build a 'Bitcoin stockpile,' Trump aims to elevate the status of cryptocurrencies on the global stage. His policy could also expedite the passage of crypto-related legislation in Congress, providing more clarity and support for the industry.
Donald Trump's victory in the 2024 election has multifaceted impacts—on his personal legal issues and the entire cryptocurrency industry. Given his pro-crypto stance, the market anticipates positive changes in regulation and potential new waves of innovation. However, the legal challenges facing Trump and his plans are also substantial.
