**Trump’s extensive use of the pardon power in his second term has centered on living allies, January 6 defendants, and political supporters, with more than 1,500 grants issued since January 2025, none involving the long-deceased Nixon.** Nixon received a full pardon from Gerald Ford in 1974 covering Watergate-era conduct, and he died in 1994, making any new clemency action a rare posthumous step that carries no practical legal effect. Recent administration interest in reviewing the Watergate investigation and public comments comparing Nixon favorably to other figures reflect efforts to shape historical narrative rather than active plans for formal clemency. With the December 31 deadline approaching and no announced intent or procedural movement toward such a grant, traders assign high probability to no pardon occurring.