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Trump Presidency Sparks Flurry of Clemency Appeals for Crypto Criminals

The crypto world is abuzz as Donald Trump's lenient stance on crypto criminals opens the floodgates for a wave of mercy appeals - will Sam Bankman-Fried be next to receive a get-out-of-jail-free card from the Oval Office?

The crypto world is abuzz with speculation as a tide of clemency appeals from notorious figures rushes toward the White House in the wake of President Donald Trump’s high-profile pardons for crypto criminals. Most recently, the embattled parents of disgraced FTX founder Sam Bankman-Fried have thrown their hat into the ring, hoping to leverage Trump’s apparent soft spot for cryptocurrency convicts to secure a “get out of jail free” card for their son.

Trump’s Track Record Emboldens Crypto Criminals

President Trump set the stage early in his term by commuting the sentence of Ross Ulbricht, mastermind of the infamous dark web marketplace Silk Road. This move, long advocated by crypto enthusiasts, signaled a divergence from historical precedent and energized other convicted crypto felons to try their luck.

The crypto exchange Kraken donated over $100,000 to Trump’s campaign in a show of gratitude for the Silk Road clemency.

– Bloomberg Report

The SBF Connection

Enter the parents of Sam Bankman-Fried (SBF), the wunderkind founder of the collapsed crypto exchange FTX. With their son facing a litany of fraud charges and the prospect of decades behind bars, they seem to be angling for the same Trumpian benevolence that sprung Ulbricht.

  • SBF was a major donor to Joe Biden in the 2020 election, which would typically work against him with Trump
  • However, SBF also secretly funneled millions in illegal donations to Republican PACs that supported Trump-aligned candidates

While a long shot, the Bankman-Frieds clearly feel they have some political capital to spend in pushing for a pardon. Ironically, SBF’s shady campaign finance schemes on both sides of the aisle, intended to win political influence, may give his parents the leverage they need.

Backlash and Betting Markets

Reactions to Trump’s apparent receptiveness to crypto clemency have been polarized. Mainstream observers are aghast, seeing it as a miscarriage of justice. But within the crypto community, there’s a more ambivalent mix of appreciation and apprehension, with some worried about the optics and others feeling any port will do in a storm.

Prediction markets like Polymarket are now offering 5-to-1 odds of Trump pardoning SBF within his first 100 days back in office.

The spectacle has descended into farce with the likes of Roger Ver, the self-described “Bitcoin Jesus” who turned to shilling Bitcoin Cash, publicizing his own increasingly desperate pleas for clemency from Trump.

A Precedent for Impunity?

Regardless of whether SBF or Ver ultimately succeed in their bids for clemency, Trump’s track record to date has already set a troubling precedent. His willingness to intervene in high-profile crypto criminal cases threatens to undermine the integrity of the justice system and erode trust in the still-maturing cryptocurrency industry.

Key Takeaways

  • Trump’s pardon of Ross Ulbricht emboldened other crypto criminals to seek clemency
  • Sam Bankman-Fried’s parents are now lobbying for a pardon, hoping SBF’s campaign donations to Trump-aligned groups will sway the president
  • Prediction markets are offering 5-to-1 odds on an SBF pardon in Trump’s first 100 days
  • Trump’s apparent leniency risks setting a dangerous precedent of impunity for crypto crime

As the soap opera plays out, the crypto world watches with a mix of fascination and trepidation, wondering just how far “The Donald” will go in leaving his mark (for better or worse) on the future of digital assets. Buckle up, it’s going to be a wild ride.

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