Trump has exercised clemency extensively in his second term, granting over 1,700 actions by mid-2026, including a blanket pardon for roughly 1,500 January 6 defendants on inauguration day, preemptive relief for 77 fake electors allies, and targeted grants to figures like Changpeng Zhao, gun owners facing ATF cases, and donors or associates tied to fraud convictions. Recent examples through September 2026 include pardons for Patrick “Tate” Adamiak, George Peterson, and Oregon ranchers Dwight and Steven Hammond, often bypassing traditional DOJ review in favor of direct advocacy from allies. This pattern, driven by connections to Trump’s orbit rather than standard guidelines, shapes trader views on remaining candidates through December 2026, with low implied probabilities reflecting competition for attention and structural limits on further high-profile grants before year-end.