In a flurry of activity impacting the cryptocurrency industry, the United States and its 47th President, Donald J. Trump, have initiated substantial changes over recent days. The crypto market experienced a significant rally last week, only to encounter a drastic downturn over the weekend. Amidst this volatility, President Trump has fulfilled his campaign promises to the cryptocurrency community and Libertarians by issuing a full presidential pardon to Ross Ulbricht, the creator of the notorious Silk Road marketplace.
Ross Ulbricht had been serving a decade-long sentence following his 2015 conviction for establishing Silk Road, a dark web marketplace known for illicit activities. His release comes as part of the 'Free Ross' campaign, which garnered strong support from Libertarians over the past ten years. This influential group backed Donald Trump during his electoral campaign, and their efforts have now culminated in this landmark presidential action.
Beyond the pardon, President Trump has also made significant strides in shaping cryptocurrency regulations. As promised during his campaign, he signed a policy aimed at fostering a regulatory framework conducive to the growth of the blockchain industry within the United States. This initiative is part of a broader effort to enhance the crypto sector's visibility and integration into the mainstream market.
To facilitate this regulatory push, a new working group has been established. Tasked with developing comprehensive cryptocurrency regulations, this group aims to create a favorable environment for blockchain adoption across the country. Reuters has confirmed that this initiative stems directly from President Trump's recent policy actions.
The cryptocurrency market, recovering from its earlier poor performance this year, saw a rally last week that temporarily boosted prices. Bitcoin reached a new all-time high of $109,000. However, it has since retracted to $98,929.60, marking an 8.71 percent decrease over the past seven days. Meanwhile, XRP has overtaken Tether in market cap rankings, boasting over $20 billion more in market value.
