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The Trump Cryptonaissance Is Here
US President Donald Trump has wasted no time in demonstrating his fealty to the cryptocurrency industry that backed his 2024 election ambitions. The alliance could herald a golden dawn for crypto, industry figures believe.
Later the same day, Trump granted clemency to Ross Ulbricht, who was serving life in prison for crimes committed while running the infamous darknet marketplace Silk Road, one of the first websites to accept bitcoin as payment. These initial gestures signal Trump’s willingness to follow through on earlier campaign promises: to pass various crypto-related legislation, reform the financial regulatory apparatus in the US, and knit crypto into the US national treasury. In the lead-up to the 2024 election, crypto organizations donated hundreds of millions of dollars to crypto-focused super political action committees, which spent the funds in support of crypto-friendly congressional candidates, many of them Republican.
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