Former US President and Republican presidential candidate Donald Trump reiterated his promise to save Silk Road founder Ross Ulbricht if he wins the election in November. There was a major crypto move on Wall Street, with Bitwise formally applying for the Ripple (XRP) ETF. Bloomberg analysts said the move indicated that the fund supported Trump's victory and defeated Harris' team.

In a Truth Social post on Wednesday (October 2), Trump promised to "save Ulbricht" in response to Ulbricht talking about the start of his 12th year in prison, Bezinga reported.

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Ulbricht has been serving a double life sentence since 2013 for creating the notorious dark web site that earned about $1 billion in Bitcoin BTC/USD for trafficking heroin, cocaine, LSD and other illegal drugs. The FBI shut down Silk Road shortly after Ulbricht’s arrest.

The topic was once again in the spotlight in early March when Trump vowed at the Libertarian Party National Convention to commute Ulbricht's sentence if re-elected: "If you vote for me, I will commute Ulbricht's sentence on day one."

Foreign media said that Trump's remarks were seen as an effort to win the support of Liberal voters, who have long lobbied for Ulbricht's release.

According to data from Polymarket, a large cryptocurrency betting platform, Trump's chances of winning rebounded to 49% in November, close to reversing Harris' 50%.

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Bitwise Asset Management, a large Wall Street fund, applied for a Ripple spot ETF in the United States, which attracted great attention from the market.

“You’ve heard of the Fed put, this is like the Trump call,” Bloomberg analyst Eric Balchunas said on Twitter late Tuesday.

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In the derivatives market, a call option is an all-or-nothing bet that an asset will reach a certain price. If the price of an asset reaches the call option's price, it will pay off handsomely.

Balciunas said that companies that decide to apply for crypto ETF approval, whether it is Ripple, Solana's SOL coin, or any other company, are actually betting on Trump to win the presidential election.

That’s because if Trump wins, anti-cryptocurrency SEC Chairman Gary Gensler will leave his post.

At a bitcoin conference in July, Trump promised to fire Gensler if he won the election, and Balciunas said "anything is possible" if Gensler leaves.

But if Harris wins, new cryptocurrency ETFs may not be approved.

“The call option will expire worthless,” he said.

Ripple is a crypto asset developed, issued and partly managed by the US company Ripple Labs. The cryptocurrency is designed to facilitate faster cross-border transactions and is often listed as an emerging competitor to the SWIFT system.

But Bitwise’s move comes as the SEC appeals its lawsuit against Ripple, seeking to overturn a ruling that XRP was not a security.