Former President Donald Trump renewed his promise on Wednesday to “save” Ross Ulbricht, the founder of the notorious Silk Road marketplace, reigniting discussions around crypto, justice and government overreach.
What Happened: Trump took to Truth Social, proclaiming, “I WILL SAVE ROSS ULBRICHT!”—a declaration that has stirred both controversy and hope among crypto advocates.
His case is deeply intertwined with the rise of Silk Road, the online marketplace that helped thrust Bitcoin into public consciousness, while simultaneously associating it with illegal activities.
Silk Road, launched in 2011, was a pioneering darknet marketplace that used Bitcoin to facilitate anonymous transactions, mostly for illegal goods and services. While it showcased Bitcoin’s potential for decentralized payments, it also marred its image, linking the cryptocurrency to criminal activities. Ulbricht, operating under the alias “Dread Pirate Roberts,” was arrested in 2013 and received a harsh sentence of two life terms plus 40 years in 2015 after the FBI seized his laptop.
Why It Matters: This isn’t the first time Trump has expressed support for Ulbricht. Back in May 2024, at the Libertarian National Convention, he promised to commute Ulbricht’s life sentence “on day one” if he returned to office, drawing enthusiastic reactions from the crowd, many of whom held “Free Ross” signs.
In response, Ulbricht tweeted, “Thank you. Thank you. Thank you… After 11 years in prison, it is hard to express how I feel at this moment.”
Libertarians and crypto advocates have long criticized the severity of Ulbricht’s sentence, arguing that it served not just as punishment for running Silk Road, but as a warning against the ideals of decentralized finance.
The crypto community, however, remains divided on Trump’s stance. Some see his vow to pardon Ulbricht as a legitimate push for justice and a stand against government overreach.
Others perceive it as a calculated strategy to win the favor of libertarian and crypto supporters as part of his 2024 presidential campaign.
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Trump’s recent support for Ulbricht aligns with his evolving pro-crypto rhetoric.
During the same Libertarian event, he promised to “keep Elizabeth Warren and her goons away from your Bitcoin,” marking a notable shift from his previous criticisms of cryptocurrencies as risky and fraudulent.
What’s Next: The evolving discourse surrounding Ulbricht, crypto, and the law will undoubtedly be a topic of discussion at Benzinga’s Future of Digital Assets event on Nov. 19, where experts will explore the dynamic intersection of digital finance, policy, and innovation.
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