Trump’s recent actions have sparked debate within the crypto community. He pardoned the three co-founders of the cryptocurrency exchange BitMEX, along with another executive, wiping away their convictions and penalties.
The BitMEX Case: A Quick Recap
In 2020, the Department of Justice (DOJ) accused BitMEX of breaking the Bank Secrecy Act. They argued that BitMEX didn’t properly follow anti-money laundering (AML) rules, essentially letting users trade without sufficient identity verification. In 2022, the founders – Arthur Hayes, Benjamin Delo, and Samuel Reed – along with Gregory Dwyer (Head of Business Development), pleaded guilty. They received probation and hefty fines totaling over $30 million. BitMEX itself also pleaded guilty and paid a $100 million fine.
Trump’s Pardon: A Controversial Move
Fast forward to now, and President Trump has pardoned all four individuals. This means they’re completely free from any consequences related to the case. Hayes expressed his gratitude on X (formerly Twitter), while Delo insisted BitMEX and its founders were wrongly accused from the start, calling the charges based on an outdated law.
Trump’s Crypto-Friendly Stance
This pardon is just the latest in a series of pro-crypto moves by the Trump administration. It follows the pardon of Ross Ulbricht, the founder of Silk Road. Additionally, the SEC under Trump has eased up on enforcement actions against several major crypto companies like Coinbase, Robinhood, Gemini, and Ripple.
The Broader Crypto Market Impact
Despite these pro-crypto actions, the crypto market isn’t exactly booming. It’s currently worth around $2.68 trillion, but recently took a hit (down over 4%) due to new US trade policies, specifically tariffs on car imports from Mexico and China. This shows that while government actions can influence the crypto world, other global factors play a significant role.
