Senate Unanimously Rejects SBF Pardon Bid, Citing FTX Fraud's Catastrophic Impact
The US Senate unanimously voted against any executive clemency for Sam Bankman-Fried. This non-binding resolution follows SBF's formal pardon application, signaling strong political opposition. Key crypto-focused senators sponsored the measure, underscoring the gravity of FTX's collapse.
The U.S. Senate delivered a unanimous rebuke to Sam Bankman-Fried, passing a resolution that opposes any executive clemency for the FTX founder. This non-binding measure, S. Res. 772, signals a firm political stance against his recent pardon application.
Sponsored by Senators Cynthia Lummis and Ruben Gallego – top members of the Senate Banking Committee’s digital assets subcommittee – the resolution underscores the chamber’s commitment to the rule of law and financial system integrity. Lummis, a vocal crypto advocate, led the push to keep SBF incarcerated.
The resolution explicitly cites SBF’s 25-year sentence as reflecting the "extraordinary scale and deliberateness of his crimes," his lack of remorse, and the "catastrophic harm inflicted upon millions of victims". His conviction in November 2023 for one of the largest financial frauds in U.S. history saw American customers lose over $8 billion.
SBF, 34, filed his pardon application on June 8, seeking restoration of civil rights post-sentence, not an erased conviction. Despite Trump granting clemency to other crypto-adjacent figures like Changpeng Zhao, he previously stated no intention of pardoning Bankman-Fried.
The FTX collapse stemmed from SBF diverting billions in customer funds to Alameda Research for risky trades and investments. The house of cards fell when Binance announced it would sell its FTT holdings, triggering a liquidity crisis and the exchange’s bankruptcy in November 2022.