Trump has exercised clemency extensively in his second term, issuing over 1,700 pardons and commutations since January 2025, beginning with a broad Jan. 6 action and extending to political allies, crypto executives, fraud defendants, and figures tied to claims of prior overprosecution. An informal process prioritizes direct appeals, donor connections, and alignment with administration priorities over traditional DOJ review. As of September 2026, recent grants include associates of public figures and white-collar cases, while statements on individuals like Michael Cohen have surfaced. Trader odds reflect betting on which listed names—often those with political or financial ties—will receive action before the December 31, 2026 resolution deadline, with momentum tied to White House announcements or lobbying campaigns.