The Senate passed a nonbinding resolution without any objections following Bankman-Fried's clemency request, months after Trump pardoned other notable crypto figures like Changpeng Zhao and Ross Ulbricht.
By Shaurya MalwaUpdated Jul 16, 2026, 7:23 a.m. Published Jul 16, 2026, 6:00 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShow- The Senate unanimously passed a resolution stating that Sam Bankman-Fried should not receive a presidential pardon or commutation under any circumstances.
- This bipartisan resolution was spearheaded by Senators Cynthia Lummis from Wyoming and Ruben Gallego from Arizona, highlighting lawmakers' perspective on Bankman-Fried’s involvement in what prosecutors labeled one of the largest financial frauds in U.S. history.
- Bankman-Fried, who was convicted in 2023 on seven counts linked to the FTX collapse and the misappropriation of over $8 billion in customer funds, is not set for release until around 2044, and former President Donald Trump has indicated he will not pardon him.
The Senate reached a consensus on Wednesday that Sam Bankman-Fried should not be granted clemency, passing a resolution that declares he should "under no circumstances" receive a pardon or commutation.
This resolution was adopted without any objections, a process that allows a measure to pass if no senator raises an objection.
Senators Cynthia Lummis, a Republican from Wyoming, and Ruben Gallego, a Democrat from Arizona, who are the leading members of the Senate Banking Committee's digital assets subcommittee, introduced this measure.
Lummis has been a strong advocate for the crypto industry in Congress, dedicating years to crafting legislation that supports it, while also working to ensure one of its most notorious figures remains incarcerated.
"He had his day in court," Lummis remarked when they introduced the resolution on June 17. Gallego concluded his statement with the phrase: "Keep him locked up."
Bankman-Fried is not eligible for release until approximately 2044. A jury found him guilty in November 2023 on seven charges related to FTX's downfall, which prosecutors described as one of the largest financial frauds in U.S. history, resulting in American customers losing over $8 billion.
In January, President Donald Trump stated he had no intention of pardoning Bankman-Fried. Trump has previously pardoned other notable figures, including Binance founder Changpeng Zhao and Silk Road creator Ross Ulbricht, among others.
Bankman-Fried managed two companies simultaneously: FTX, a cryptocurrency exchange that was supposed to safeguard customer funds like a broker, and Alameda Research, a trading firm that he also owned. He transferred billions from FTX customer deposits to Alameda, using the funds for trading, investments, political contributions, and real estate in the Bahamas, while FTX's software allowed Alameda to bypass rules that would have required it to cover losses like any other trader.
The scheme was uncovered after CoinDesk revealed Alameda's balance sheet in November 2022, showing that the majority of its reported assets were FTT, a token created by FTX that could be issued at will.
The collateral backing Alameda was essentially something that its affiliated company had fabricated. Further issues arose when Binance announced it would liquidate its FTT holdings shortly after, causing a swift decline in FTT prices.
As customers hurried to withdraw their deposits, FTX was unable to return their funds, leading to the exchange's bankruptcy filing on November 11, 2022, just over a week after the news broke.
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Gate Leads Spot Market Share Gains as CEX Volumes Rise for First Time in Five Months
Gate Leads Spot Market Share Gains as CEX Volumes Rise for First Time in Five Months
CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
By CoinDesk ResearchJul 13, 2026CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
Why it matters:
CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
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