The U.S. Senate unanimously passed a resolution on Wednesday opposing any clemency for Sam Bankman-Fried, the founder of FTX, stating he should never receive a pardon or commutation. The measure was introduced by Senators Cynthia Lummis and Ruben Gallego, the top Republican and Democrat on the Senate Banking Committee’s digital assets subcommittee.
The resolution comes in response to Bankman-Fried's formal request for a pardon from former President Trump, which he submitted last month. Lummis emphasized during the resolution's introduction that Bankman-Fried had his day in court.
Bankman-Fried is currently serving a 25-year sentence after being convicted in November 2023 on seven counts related to the collapse of FTX. This incident is regarded as one of the largest financial frauds in U.S. history, resulting in customer losses exceeding $8 billion. He lost an appeal against his conviction in June and is now seeking a new trial.
The FTX collapse occurred in November 2022 when it was revealed that Bankman-Fried had redirected billions in customer deposits to his trading firm, Alameda Research. The exchange filed for bankruptcy on November 11, 2022, following a mass withdrawal attempt by customers.
While Trump has previously pardoned figures such as Binance founder Changpeng Zhao and Silk Road creator Ross Ulbricht, he has indicated no intention of granting clemency to Bankman-Fried.
This material is for informational purposes only and is not financial advice.
