Trump has exercised broad clemency powers since returning to office in January 2025, issuing mass pardons for roughly 1,500 January 6 defendants on his first day along with targeted grants for allies such as Ross Ulbricht, anti-abortion activists, and multiple white-collar offenders. Recent actions include clemency for political donors, cryptocurrency figures, and former officials facing bribery or fraud charges, prompting congressional scrutiny over possible pay-to-play dynamics. With the 2026 midterm cycle and ongoing review of additional applications, traders assess prospects for further pardons of high-profile individuals before the 2027 deadline based on patterns of loyalty, financial ties, and administration priorities rather than established polling or precedent.