Senators Introduce Bipartisan Resolution Opposing SBF Pardon

Sens. Rubén Gallego (D-AZ) and Cynthia Lummis (R-WY), leaders of the Senate Banking Subcommittee on Digital Assets, have introduced a bipartisan resolution opposing any presidential pardon or commutation for Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX.

The non-binding measure, introduced Wednesday, declares that Bankman-Fried, who was convicted on seven fraud and conspiracy counts in November 2023 and sentenced to 25 years in prison, should not receive federal clemency. Gallego stated that Bankman-Fried has shown "no remorse" for his crimes, while Lummis added that he is "chasing clemency he hasn't earned."

The resolution comes after Bankman-Fried formally petitioned the Justice Department's Office of the Pardon Attorney this month for a pardon after completing his sentence. His conviction and sentence were recently upheld by the Second Circuit, making him ineligible for release until 2044. The jury's verdict found him guilty of defrauding FTX customers, who lost over $8 billion, and the resolution rejects Bankman-Fried's claims that his prosecution was political persecution.

Despite President Trump having previously told The New York Times in January that he had no plans to grant clemency to Bankman-Fried, the senators' resolution reflects lingering concerns. Trump has previously used his pardon power for other crypto figures, including Ross Ulbricht and Changpeng Zhao.