Lawmakers oppose pardon bid for Bankman-Fried

• US Senators Cynthia Lummis and Rubén Gallego introduced a resolution opposing any presidential pardon or commutation for Sam Bankman-Fried.
• The move follows Bankman-Fried’s formal request for clemency after a federal appeals court upheld his conviction and 25-year prison sentence.
• Lawmakers argued that granting clemency could undermine accountability for large-scale financial fraud.

Samuel Bankman-Fried, the former chief executive of FTX, faces new political opposition after US lawmakers introduced a resolution urging President Donald Trump not to grant him a pardon.

The resolution follows a federal appeals court decision that upheld Bankman-Fried’s conviction on seven felony charges and his 25-year prison sentence related to the misuse of customer funds.

“The US Senate affirms that the 25-year sentence imposed upon Bankman-Fried reflects the extraordinary scale and deliberateness of his crimes, his lack of remorse, and the catastrophic harm inflicted upon millions of victims,” said Senators Cynthia Lummis and Rubén Gallego in the resolution.

The non-binding measure states that executive clemency could weaken deterrence and send a message that large-scale financial fraud may avoid lasting consequences, although the US Constitution gives presidents authority over pardons.

Bankman-Fried formally requested a pardon after exhausting most legal options, and following the announcement no publicly traded company share price was directly affected.

A jury convicted the former FTX executive in November 2023 following the collapse of the cryptocurrency exchange, which resulted in billions of dollars in investor losses.

Several former FTX executives received reduced sentences after cooperating with prosecutors, while former FTX Digital Markets co-chief executive Ryan Salame remains in prison serving a 90-month sentence.