Senators Present Bipartisan Measure Against SBF Pardon

Key Highlights

• Senators Rubén Gallego (D-AZ) and Cynthia Lummis (R-WY) introduced a resolution opposing any presidential pardon for Sam Bankman-Fried.
• The resolution characterizes Bankman-Fried as a fraudster, rejecting his claims of political persecution.
• This comes after Bankman-Fried submitted an official pardon request, despite former President Trump previously ruling out clemency.

A bipartisan group of senators is formally opposing any attempt to grant clemency to Sam Bankman-Fried, the former FTX CEO currently serving time for fraud. Senators Rubén Gallego and Cynthia Lummis, who chair the Senate Banking Subcommittee on Digital Assets, have introduced a resolution aimed at preventing a presidential pardon.

Senator Gallego criticized Bankman-Fried for showing “no remorse” for his actions, insisting that he should remain incarcerated. Lummis reiterated this view, asserting that the FTX founder is improperly seeking clemency when he should be accountable for his crimes.

The Downfall of Bankman-Fried and FTX

Bankman-Fried's legal troubles escalated dramatically following the collapse of FTX in November 2022, leading to a guilty verdict on multiple charges and a 25-year prison sentence, along with an $11 billion forfeiture ordered by Judge Lewis Kaplan. The FTX disaster resulted in over $8 billion in losses for customers, marking it as one of the most significant financial frauds in U.S. history.

The resolution largely dismisses Bankman-Fried's claims of being politically targeted, instead supporting the jury's decision and the serious nature of his offenses.

Pardon Request Submitted

Bankman-Fried recently filed a request for a "pardon after completion of sentence" with the Justice Department, which remains under review. His conviction was upheld by the Second Circuit, confirming that he will not be eligible for release until 2044. While former President Trump has publicly ruled out clemency, concerns linger about the potential for a pardon, especially given Trump's prior actions in similar cases within the cryptocurrency sector.

Despite maintaining his innocence during his imprisonment, Bankman-Fried has faced criticism across the political spectrum, particularly when his social media activities have been perceived as self-promotional. Current predictions indicate a very low likelihood of a successful pardon for him.