Key facts
- The US Senate unanimously adopted a resolution opposing executive clemency for FTX founder Sam Bankman-Fried.
- The non-binding resolution, S. Res. 772, states Bankman-Fried should not receive a presidential pardon or commutation.
- Sam Bankman-Fried was convicted of fraud and conspiracy charges related to FTX's collapse and sentenced to 25 years.
- Prediction markets assign less than a 1% chance of President Trump pardoning Bankman-Fried by July 31.
The U.S. Senate has unanimously adopted a resolution, S. Res. 772, opposing any executive clemency for FTX founder Sam Bankman-Fried. The nonbinding measure, agreed to by unanimous consent, states that Bankman-Fried should not receive a presidential pardon or sentence commutation. It affirms the Senate's commitment to the rule of law and the integrity of the U.S. financial system following his conviction on fraud and conspiracy charges related to FTX's collapse. The resolution, introduced by Senators Ruben Gallego and Cynthia Lummis, with Sen. Bernie Moreno joining as a cosponsor, cannot legally block a presidential pardon but reflects bipartisan opposition. Bankman-Fried was sentenced to 25 years in federal prison in March 2024. Speculation about a potential pardon grew after he applied for clemency from President Donald Trump. However, prediction markets currently assign less than a 1% chance of a pardon by July 31. The Senate's vote comes amid President Donald Trump's selective crypto clemency moves, which have included pardons for Binance's Changpeng Zhao and Silk Road creator Ross Ulbricht. These actions have fueled speculation about further pardons, but the Senate's strong stance against Bankman-Fried highlights a distinction between regulatory forgiveness and outright customer fraud. Meanwhile, Morgan Stanley's E*TRADE has rolled out spot cryptocurrency trading for eligible retail clients, enabling them to buy, sell and hold Bitcoin, Ether and Solana through a partnership with crypto infrastructure provider Zero Hash. President Donald Trump is also set to meet with senators at the White House to discuss the CLARITY Act.