LIVE: Trump Pardons Ross Ulbrict, TRUMP Offical Memecoin, SEC's Pro-Crypto Pivot | Alex Thorn
In this episode of Bankless, we're joined by Alex Thorn, Head of Firmwide Research at Galaxy Digital, to break down a whirlwind of crypto news. We discuss the monumental pardon of Ross Ulbricht by Donald Trump, the surprising launch of an official Trump Memecoin on Solana, and the SEC’s early signals of a pro-crypto pivot under its new leadership. Tune in for analysis, context, and what these developments mean for the crypto landscape.
Crypto’s Big Week: Trump’s Pardon, Official Memecoin, and SEC’s New Direction
The crypto world was ablaze with headlines this week as several landmark events unfolded in quick succession, signaling a seismic shift in the regulatory and cultural acceptance of digital assets. Here's what happened and why it matters.
Ross Ulbricht: A Pardon 13 Years in the Making
On January 21st, President Donald Trump officially pardoned Ross Ulbricht, the founder of the Silk Road. Ulbricht, who had been serving a double life sentence plus 40 years, walked free after over a decade in prison. His case has long been a rallying cry for the libertarian and crypto communities, advocating for his release as a matter of fairness and justice.
Trump’s decision to pardon Ulbricht, executed just hours after taking office, aligns with his campaign promises to support the crypto space. For many, it’s a historic moment underscoring the growing political recognition of crypto’s importance.
The Trump Memecoin: A New Era of Meme Economy
Adding fuel to the crypto fire, Trump announced the launch of the official Trump Memecoin on Solana. The memecoin market, which has been dominated by community-led projects, now includes a coin tied to a former U.S. president. While the token’s market cap soared initially, the launch of a companion Melania coin diluted enthusiasm, causing a drop in both coins' value.
Despite the mixed reception, the move marks a fascinating intersection of mainstream political figures and decentralized financial tools. The memecoin’s existence—and its ties to Solana—also contributed to a 50% surge in Solana’s token price, emphasizing the market's responsiveness to high-profile endorsements.
A New Dawn for Crypto Regulation?
Under the Trump administration, regulatory shifts seem imminent. The SEC has announced the formation of a crypto task force, chaired by Hester Peirce, with the aim of recalibrating the agency’s approach to enforcement and oversight. Mark Uyeda’s leadership as acting SEC chair further signals a shift away from Gary Gensler’s stringent stance.
Early signs include the possibility of pausing or halting major enforcement actions and revisiting high-profile cases, such as the SEC’s lawsuit against Coinbase. This pivot could lead to clearer, more favorable regulatory pathways for the crypto industry.
A Golden Age for Crypto?
These developments suggest a more crypto-friendly environment in the U.S., with significant cultural and regulatory wins. The pardon of Ross Ulbricht represents a broader libertarian ethos seeping into policy, while the Trump Memecoin demonstrates the growing mainstream fascination with blockchain technology. At the same time, the SEC’s repositioning hints at a more balanced regulatory approach.
While the road ahead is uncertain, the momentum behind these changes offers hope for innovation and growth in the digital asset ecosystem.
What are your thoughts on this monumental week for crypto? Share your take in the comments or on social media.