The U.S. Senate has formally voted to reject any potential pardon for Sam Bankman-Fried, the founder of FTX, who is currently serving a 25-year sentence for fraud and conspiracy related to the collapse of the cryptocurrency exchange. The resolution, designated S. Res. 772, achieved unanimous consent during a session on Wednesday, reflecting the Senate's collective stance against granting Bankman-Fried clemency.
Senators initiated this motion following Bankman-Fried's official request for a pardon submitted to the White House last month, which raised concerns among legislators. While the resolution holds no legal authority and does not curb presidential clemency powers, it serves to document the unified opposition of all 100 senators against such actions. Senator Cynthia Lummis, a Republican from Wyoming, and Senator Rubén Gallego, a Democrat from Arizona, spearheaded the resolution.
Bankman-Fried, convicted in November 2023 on seven serious charges, caused significant financial losses totaling over $8 billion for FTX customers and contributed to a substantial decline in the cryptocurrency market, erasing $183 billion in value. His release eligibility is set for 2044, making the quest for a pardon particularly contentious. Lummis emphasized that Bankman-Fried's pardon efforts appear to be an attempt to circumvent the consequences of his actions, stating, “SBF has clearly ramped up his pardon campaign.”
Despite his persistent lobbying efforts for presidential clemency, former President Trump has previously indicated he has “no intention” to pardon Bankman-Fried, complicating the situation further. This stance comes in contrast to a past pardon given to Binance founder Changpeng Zhao (CZ) by Trump.
This article is for informational purposes and should not be considered financial advice.
