Senate Unanimously Opposes Any Presidential Pardon for Sam Bankman-Fried

A bipartisan group of U.S. senators has adopted a resolution declaring that former FTX chief executive Sam Bankman-Fried should not be granted a presidential pardon or any other form of executive clemency.

According to reports from the Senate Press Gallery on Wednesday, the resolution states that Bankman-Fried should "under no circumstances" receive a pardon or sentence commutation. It also reaffirms the Senate's commitment to protecting the integrity of the U.S. financial system and upholding the rule of law.

The measure was introduced on June 17 after Bankman-Fried submitted a request for presidential clemency earlier in the month. Lawmakers behind the resolution argued that his petition attempts to sidestep accountability for his crimes. They also criticized his continued public statements, saying he has failed to accept responsibility and instead portrays himself as a victim.

Bankman-Fried was found guilty in November 2023 on seven criminal charges related to the collapse of cryptocurrency exchange FTX. He was later sentenced to 25 years in federal prison. Prosecutors described the case as one of the most significant financial frauds in U.S. history, with losses to American customers exceeding $8 billion.

Even after his conviction, the former crypto executive has maintained that both FTX and its affiliated trading firm, Alameda Research, were solvent. He has argued that the companies could have honored customer withdrawals during the liquidity crisis that unfolded in November 2022. Bankman-Fried has repeatedly blamed the company's bankruptcy advisers and new leadership for pushing FTX into bankruptcy, claiming their decisions destroyed the business.

Efforts to secure executive clemency have reportedly included appeals made by both Bankman-Fried and members of his family to President Donald Trump. However, Trump indicated earlier this year that he had no intention of issuing a pardon for the former FTX founder.

In a separate legal development, Bankman-Fried recently withdrew his request for a new trial. He informed U.S. District Judge Lewis Kaplan that he did not believe he would receive an impartial hearing. The motion, initially filed on his behalf by his mother, Barbara Fried, was withdrawn without prejudice, leaving open the possibility of renewing the request after his direct appeal and related legal proceedings are completed.