Source: Cointelegraph Original: "{title}"
As Donald Trump plans to take office as President of the United States on January 20, many insiders in the cryptocurrency industry expect the government's attitude towards digital assets to be different from before.
The former Republican president first took office in January 2017, months after he won a closely contested election against former U.S. Secretary of State Hillary Clinton. Unlike the 2024 election cycle, Trump seemingly never mentioned cryptocurrencies, blockchain, or Bitcoin (BTC) during his 2016 campaign, whether while winning the Republican nomination or competing against Hillary in the general election.
When Trump won the election in November 2016, the price of Bitcoin was around $700, rising to about $900 by the time he took office in 2017. Before he left office in January 2021, the price of cryptocurrencies had increased by about 4000% over four years, reaching over $36,000, including a significant drop at the onset of the COVID-19 pandemic.
Social Media Activity
In 2019, the U.S. president— or any sitting president at the time— made a public statement about cryptocurrencies for the first time during his term, posting on Twitter (now known as X) that he was "not a fan of Bitcoin" and stating that cryptocurrencies were "based on thin air." While the sentiment towards digital assets was negative, many industry insiders appreciated the social media post as it brought attention to the technology from the highest office in the world.
Statement on cryptocurrencies made by the U.S. president in 2019 Source: Donald Trump
Management Approach
According to a book later published by Trump's National Security Advisor John Bolton, the U.S. president had told his Treasury Secretary in 2018 to "go after Bitcoin," suggesting a potential regulatory crackdown.
Under the leadership of SEC Chairman Jay Clayton, financial regulators initiated 62 enforcement actions involving crypto assets, including actions against Ripple Labs and Block, as well as actor Steven Seagal.
After losing the 2020 presidential election to Joe Biden, Trump seemed to largely maintain a negative view of digital assets. In a June 2021 interview, about five months after leaving office, he stated that Bitcoin "looks like a scam" and implied that the cryptocurrency was competing with the U.S. dollar.
This public sentiment persisted until December 2022, when he launched his own non-fungible token (NFT) digital trading cards. He announced his intention to run for U.S. president again in November 2022.
No Pardon for Silk Road Founder
Ross Ulbricht, known for creating the dark web marketplace Silk Road, was serving a life sentence without the possibility of parole when Trump took office in 2017. In 2015, the Silk Road founder was convicted of money laundering, computer hacking, and conspiracy to traffic drugs.
Trump had four years to exercise his power as President of the United States to pardon or commute Ulbricht's sentence, but ultimately, nothing happened during his tenure.
Reports in 2020 indicated that Trump expressed sympathy for Ulbricht's situation, but he seemingly did not seriously consider a pardon or commutation until it became one of his campaign promises for 2024.
In May 2024, while still a presidential candidate, Trump stated that if elected, he would commute Ulbricht's sentence on "day one," meaning the Silk Road founder could be released by the end of January next year. Before January 20, President Biden still has the authority to pardon anyone facing federal charges, including Ulbricht.
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