The cryptocurrency panorama is seeing important shifts, with two main developments capturing consideration: the rising affect of stablecoins on Solana and the authorized efforts surrounding former FTX CEO Sam Bankman-Fried. Solana’s stablecoin provide has surged by over 73% since mid-January, fueled partially by the launch of Donald Trump’s meme coin, which has pushed file buying and selling exercise on the community. In the meantime, Bankman-Fried’s mother and father are reportedly exploring the potential of a presidential pardon for his or her son, who’s at present serving a 25-year sentence for fraud-related costs.
Sam Bankman-Fried’s Dad and mom Reportedly Searching for Presidential Pardon for Their Son
The mother and father of Sam “SBF” Bankman-Fried, the disgraced former CEO of FTX, are reportedly exploring the potential of securing a presidential pardon for his or her son, who’s at present serving a 25-year jail sentence for fraud-related costs. In response to a Jan. 30 Bloomberg report, Joseph Bankman and Barbara Fried have already engaged with authorized professionals and people with ties to former President Donald Trump’s administration to evaluate the feasibility of clemency.
Bankman-Fried’s downfall stays probably the most notorious collapses in monetary historical past. As soon as celebrated because the face of cryptocurrency’s mainstream adoption, his empire unraveled in November 2022, when FTX collapsed nearly in a single day on account of large monetary mismanagement and the alleged embezzlement of buyer funds. His November 2023 trial ended with a responsible verdict on seven felony costs, together with wire fraud, securities fraud, and commodities fraud, culminating in a March 2024 sentencing of 25 years in jail.
Whereas many within the crypto neighborhood initially believed Bankman-Fried would have a greater likelihood at clemency beneath President Joe Biden, latest developments counsel that Trump’s return to energy may present a extra favorable path for his supporters within the trade.
Trump’s latest coverage shifts have positioned him as an unlikely ally to the crypto world, a stark distinction to the regulatory crackdown beneath Biden’s administration. The previous president has signaled openness to crypto-friendly insurance policies, a transfer that has garnered growing curiosity from main trade figures.
In response to white-collar jail marketing consultant Sam Mangel, a number of defendants convicted of monetary crimes have submitted clemency requests since Trump re-entered the political scene, hoping to learn from his historical past of pardoning high-profile figures. This optimism was additional fueled by Trump’s determination to commute the sentence of Silk Highway founder Ross Ulbricht, who had spent 11 years behind bars on a double life sentence.
The commutation of Ross Ulbricht’s sentence has given hope to Bankman-Fried’s authorized group, however the circumstances are vastly totally different. Whereas Ulbricht was convicted of operating the darkish internet market Silk Highway, which facilitated billions of {dollars} in unlawful drug trades, his supporters have lengthy argued that his sentence was extreme and symbolic of presidency overreach.
Bankman-Fried’s downfall worn out billions of {dollars} in buyer funds, resulting in immense public backlash. Not like Ulbricht, he lacks a grassroots motion advocating for his launch, making the case for clemency considerably more difficult.
Regardless of the crypto trade’s rising ties to Trump, his willingness to intervene in Bankman-Fried’s case stays unsure. Trump has traditionally been skeptical of cryptocurrency, famously calling Bitcoin a “rip-off” throughout his presidency. Nonetheless, his latest coverage adjustments, together with help from main crypto executives and a shift towards embracing the trade, point out a doable softening stance.
Nonetheless, Bankman-Fried’s political baggage complicates issues. The previous FTX CEO was one of many largest donors to Democratic candidates, together with President Joe Biden’s 2020 marketing campaign, which may additional harm his standing with Trump’s allies.
What’s Subsequent for SBF?
Even when Trump secures one other time period, there isn’t any assure that Bankman-Fried will obtain clemency. His case stays a cautionary story of company fraud, investor deception, and regulatory failures within the crypto house. Not like earlier Trump pardons, comparable to Steve Bannon and Roger Stone, Bankman-Fried doesn’t share robust political ties with Trump’s internal circle.
For now, his mother and father are exhausting all authorized avenues, however the street to clemency is way from assured. In the meantime, the crypto trade continues to evolve, with Bankman-Fried’s identify serving as a reminder of each its potential and its pitfalls.
The destiny of Sam Bankman-Fried’s presidential pardon request stays extremely unsure, even amid rising hypothesis about Trump’s affect on the crypto trade. Whereas his mother and father’ authorized efforts proceed, the general public notion of FTX’s collapse and its victims’ monetary losses may make clemency an uphill battle.
Trump Meme Coin Hype Fuels 73% Surge in Solana’s Stablecoin Provide
The overall provide of stablecoins on Solana has surged by greater than 73% since mid-January, as capital continues to flood into the community following the launch of US President Trump’s meme coin, $TRUMP.
In response to a Jan. 30 report by analysis agency CCData, Solana’s stablecoin provide now stands at $11.1 billion, marking an astonishing 112% improve since Jan. 1. This dramatic development has pushed Solana previous BNB Chain, making it the third-largest blockchain community by stablecoin provide—trailing solely Ethereum and Tron.
The official Trump (TRUMP) meme coin was launched on Jan. 18, adopted by the Melania (MELANIA) token on Jan. 19—each constructed on Solana. These launches ignited record-breaking decentralized change (DEX) buying and selling exercise, sending community exercise skyrocketing.
The Trump-linked meme cash generated unprecedented on-chain person adoption, with Moonshot, the platform facilitating purchases of the meme cash, reporting greater than 200,000 new customers onboarding onto Solana inside days of the launch.
At its peak, the absolutely diluted worth (FDV) of the $TRUMP token exceeded $80 billion inside 24 hours, earlier than retracing to $26 billion as of Jan. 30, in line with CoinMarketCap. The frenzy surrounding Trump’s crypto involvement has dramatically shifted buying and selling patterns and capital flows inside the Solana ecosystem.
Solana’s explosive development in stablecoin provide has allowed it to leapfrog BNB Chain, which had lengthy held its place because the third-largest blockchain for stablecoin settlements. Nonetheless, Solana nonetheless stays behind Ethereum and Tron, each of which have entrenched dominance within the stablecoin market.
The rise in stablecoin provide is a mirrored image of rising liquidity and adoption, additional solidifying Solana’s standing as a number one hub for decentralized finance (DeFi), non-fungible tokens (NFTs), and meme coin hypothesis.
Amid this surge in on-chain exercise, Circle’s USD Coin (USDC) has emerged because the dominant stablecoin on Solana, comprising almost 78% of the overall stablecoin provide. In distinction, Tether’s USDT has struggled to realize traction, holding solely 12% of Solana’s stablecoin market share, in line with CCData.
At a market capitalization of $50 billion, USDC stays the second-largest stablecoin globally, trailing Tether (USDT), which holds a commanding lead at $140 billion, in line with CoinGecko. Nonetheless, Circle’s affect on Solana is rising quickly, pushed by each institutional adoption and the community’s DeFi resurgence.
The Trump meme coin frenzy has reignited curiosity in Solana’s high-speed, low-cost community, bringing unprecedented liquidity and quantity to its DeFi protocols.
Whereas Ethereum and Binance Good Chain (BSC) proceed to dominate in buying and selling quantity, Solana’s low transaction charges and quick processing instances have made it the popular blockchain for memecoin hypothesis, NFT buying and selling, and fast asset transfers.
The meme coin mania has additionally triggered intermittent congestion points on the community, elevating questions on Solana’s capability to scale effectively beneath heavy demand. Nonetheless, Solana’s latest stability upgrades and validator optimizations have helped maintain it operational regardless of file person influxes.
What’s Subsequent for Solana and Stablecoins?
The crypto trade’s ties to the previous president are strengthening. The launch of politically branded tokens like $TRUMP and $MELANIA may set a precedent for a brand new wave of politically pushed crypto belongings, additional accelerating Solana’s on-chain adoption.
If Solana continues to realize stablecoin market share, it may pose a formidable problem to Tron, which has dominated cross-border stablecoin transactions for years. In the meantime, Ethereum stays the king of DeFi, however Solana’s momentum suggests {that a} multi-chain future is rising.
For now, the mix of meme coin hypothesis, stablecoin adoption, and elevated liquidity is fueling Solana’s rise, setting the stage for what may very well be a transformative 12 months for the blockchain and its ecosystem.
The surge in Solana’s stablecoin provide—fueled by the Trump meme coin hype and elevated capital inflows—has reshaped the community’s place within the crypto ecosystem. As Solana challenges established gamers like BNB Chain and Tron, its rising affect in DeFi and stablecoin settlements present its rising position as a significant blockchain powerhouse.
With 2025 shaping as much as be a important 12 months for each crypto regulation and market enlargement, Solana’s momentum may proceed accelerating—particularly if political narratives stay intertwined with blockchain innovation.