Key highlights:
The US Senate has unanimously passed a resolution rejecting clemency or an executive pardon for FTX founder Sam Bankman-Fried (SBF). Bankman-Fried is serving a 25-year prison sentence for defrauding millions via the FTX scandal, but there is speculation that US President Donald Trump will grant him a pardon.
Sam Bankman-Fried must serve his full prison term
All US Senators
Furthermore, the Senators rejected any characterization of the FTX persecution as “lawfare” or witchhunting, backing the integrity of the legal process that secured SBF’s conviction. They hinged their resolution on the scale of SBF’s crimes, with federal prosecutors describing it as one of the biggest financial frauds in American history.”
SBF was sentenced to 25 years in prison for wire fraud, securities fraud, money laundering conspiracy, among other counts. FTX customers were the hardest hit as SBF diverted billions of customers’ funds to Alameda Research, splurging on luxury real estate and providing personal loans to himself and close associates.
Senators Ruben Gallego and Cynthia Lummis, members of the Senate Committee on Banking, Housing, and Urban Affairs, introduced the resolution amid fears of an incoming executive pardon. Gallego noted that since his conviction, SBF has not made efforts to reflect on his crimes but continues to claim innocence and lobby for clemency.
“Sam Bankman-Fried didn’t lose other people’s billions. He took them and used them to fund his lavish lifestyle, and now he wants a presidential pardon to shield him from the consequences of his own actions,” said Senator Lummis.
Will Trump pardon Sam Bankman-Fried?
Despite SBF’s spirited attempts to lobby for clemency, it remains unlikely that Trump will issue a presidential pardon. Back in January, Trump clarified that he has no plans to pardon the FTX co-founder despite SBF filing a formal application for a presidential pardon.
However, Trump’s use of the pardon power is unpredictable. Last year, he granted clemency to several high-profile figures, including Binance founder Changpeng Zhao and Silk Road creator Ross Ulbricht, convicted for various financial crimes.
The raft of presidential pardons on crypto offenders drew the ire of a cross-section of US senators who accused Trump of misusing his power, prompting the unanimous resolution.. It is important to note that the latest resolution by the US Senators has no legal force, but it increased the political cost of granting clemency.
Last month, SBF lost his bid to overturn his crypto fraud conviction after a federal appeals court upheld his conviction and 25-year sentence. However, the odds of Trump pardoning SBF stand at 6% on Kalshi, with Polymarket’s reflecting an even lower chance.
Source: Polymarket
Source:: US Senators Reject Clemency Bid by Disgraced FTX Founder Sam Bankman-Fried