Sens. Rubén Gallego (D-AZ) and Cynthia Lummis (R-WY) introduced a resolution on Wednesday opposing any presidential pardon or commutation for Sam Bankman-Fried. The bipartisan measure from the leaders of the Senate Banking Subcommittee on Digital Assets follows the imprisoned FTX founder's formal pardon petition to the Justice Department's Office of the Pardon Attorney this month. The non-binding resolution comes despite President Trump ruling out clemency for Bankman-Fried in January, telling the New York Times he had no plans to grant it.
Senators Declare Bankman-Fried Should Not Receive Clemency
The resolution declares that the convicted crypto fraudster should not receive a pardon, commutation, or other federal clemency. "Keep him locked up," Gallego said. Bankman-Fried had shown "no remorse" for his crimes, Gallego added. Lummis said Bankman-Fried had had his day in court and was "chasing clemency he hasn't earned" rather than taking accountability. The resolution rejects Bankman-Fried's portrayal of his prosecution as political persecution and affirms the integrity of the jury's verdict.
FTX Collapse Led to Conviction and 25-Year Sentence
Bankman-Fried's downfall came about following the collapse of FTX in November 2022. A jury returned a unanimous guilty verdict on seven fraud and conspiracy counts in November 2023. Judge Lewis Kaplan ordered a 25-year sentence and $11 billion forfeiture in March 2024. FTX customers alone lost more than $8 billion in what prosecutors ranked among the biggest financial frauds in U.S. history. The Second Circuit upheld his conviction and sentence, leaving him ineligible for release until 2044.
Bankman-Fried Petitioned Justice Department This Month
Bankman-Fried formally petitioned the Justice Department's Office of the Pardon Attorney this month for a "pardon after completion of sentence," a request that remains pending. Bankman-Fried has spent his imprisonment maintaining his innocence and lobbying for relief. He drew bipartisan rebukes before, including from Lummis in February when SBF's X account began promoting a crypto market-structure bill.
Trump Ruled Out Clemency in January
President Trump ruled out clemency for Bankman-Fried, telling the New York Times in January he had no plans to grant it. The resolution reflects unease that the door could reopen, with Trump having pardoned other crypto figures including Silk Road's Ross Ulbricht, BitMEX's Arthur Hayes and Ben Delo, and Binance's Changpeng Zhao. Prediction markets still put the odds of a pardon in the single digits.
FAQ
What did Sens. Gallego and Lummis do on Wednesday?
Sens. Rubén Gallego (D-AZ) and Cynthia Lummis (R-WY) introduced a bipartisan resolution on Wednesday opposing any presidential pardon or commutation for Sam Bankman-Fried. The non-binding measure declares that the convicted crypto fraudster should not receive a pardon, commutation, or other federal clemency.
What sentence did Sam Bankman-Fried receive?
Judge Lewis Kaplan ordered a 25-year sentence and $11 billion forfeiture for Sam Bankman-Fried in March 2024. A jury returned a unanimous guilty verdict on seven fraud and conspiracy counts in November 2023 following the collapse of FTX in November 2022. The Second Circuit upheld his conviction and sentence, leaving him ineligible for release until 2044.
What did President Trump say about clemency for Bankman-Fried?
President Trump ruled out clemency for Bankman-Fried, telling the New York Times in January he had no plans to grant it. This statement came before Bankman-Fried formally petitioned the Justice Department's Office of the Pardon Attorney this month for a pardon after completion of sentence.
