Key Takeaways:
The US Senate passed a resolution by unanimous consent on Wednesday stating that FTX founder Sam Bankman-Fried should under no circumstances receive a presidential pardon or commutation.
Senators Cynthia Lummis of Wyoming and Ruben Gallego of Arizona, the top two members of the Senate Banking Committee's digital assets subcommittee, led the measure.
Bankman-Fried was convicted in 2023 on seven counts tied to FTX's collapse and more than $8 billion in customer losses, and he is not eligible for release until around 2044.
The US Senate agreed Wednesday that Sam Bankman-Fried should never receive clemency, passing a resolution stating the FTX founder should under no circumstances get a presidential pardon or commutation, CoinDesk reported. It cleared by unanimous consent, a procedure that passes a measure only if not a single senator objects.
The resolution came from Senators Cynthia Lummis, a Wyoming Republican, and Ruben Gallego, an Arizona Democrat, the top two members of the Senate Banking Committee's digital assets subcommittee. Lummis has spent years writing the legislation the crypto industry wants, and she led the push to keep one of its most infamous figures in prison. "He had his day in court," she said when the pair introduced the measure on June 17. Gallego was blunter, saying the point was to keep him behind bars.
The context makes the vote notable. Bankman-Fried has been asking for clemency, and President Trump has already pardoned Binance founder Changpeng Zhao and Silk Road creator Ross Ulbricht. Trump said in January he has no plans to extend the same treatment to Bankman-Fried, and the Senate just put that position on the record.
A jury convicted Bankman-Fried in November 2023 on seven counts tied to FTX's collapse, which prosecutors called one of the largest financial frauds in US history. He moved billions in customer deposits from the exchange to his trading firm Alameda Research, which spent the money on trades, venture bets, political donations and real estate. American customers lost more than $8 billion.
The resolution is nonbinding, but a chamber that agrees on little agreed on this without one objection. The line between building crypto's legal infrastructure and excusing its worst actor is one Washington drew clearly this week, days after senators pressed AG nominee Todd Blanche on the Binance pardon and a DOJ task force tallied $1 billion in trade fraud recoveries.
People Also Ask
Why did the Senate pass a resolution opposing a pardon for Sam Bankman-Fried?
Bankman-Fried has asked for clemency, and President Trump has pardoned other crypto figures including Changpeng Zhao and Ross Ulbricht. The resolution puts the Senate's opposition on the record before any pardon decision.
Is the Senate resolution on Sam Bankman-Fried binding?
No. It is a nonbinding statement of the Senate's position, but it passed by unanimous consent, meaning not a single senator objected.
When is Sam Bankman-Fried eligible for release?
Around 2044. He was convicted in November 2023 on seven counts tied to FTX's collapse, with American customers losing more than $8 billion.
Did President Trump pardon other crypto figures?
Yes. Trump pardoned Binance founder Changpeng Zhao and Silk Road creator Ross Ulbricht, but said in January 2026 he has no plans to pardon Bankman-Fried.