{"id":50025,"date":"2026-07-16T13:48:11","date_gmt":"2026-07-16T13:48:11","guid":{"rendered":"https:\/\/cryptd.in\/senate-unanimously-votes-that-sam-bankman-fried-should-never-get-a-pardon\/"},"modified":"2026-07-16T13:48:11","modified_gmt":"2026-07-16T13:48:11","slug":"senate-unanimously-votes-that-sam-bankman-fried-should-never-get-a-pardon","status":"publish","type":"post","link":"https:\/\/cryptd.in\/sk\/senate-unanimously-votes-that-sam-bankman-fried-should-never-get-a-pardon\/","title":{"rendered":"Senate Unanimously Votes That Sam Bankman-Fried Should Never Get a Pardon"},"content":{"rendered":"

Bitcoin Magazine<\/a>
\n
\nSenate Unanimously Votes That Sam Bankman-Fried Should Never Get a Pardon<\/a><\/p>\n

<\/div>\n

The Senate passed a resolution on Wednesday stating<\/a> that Sam Bankman-Fried should \u201cunder no circumstances\u201d receive executive clemency, a rebuke of the FTX founder\u2019s request that President Donald Trump commute or pardon his sentence.<\/p>\n

The measure, S. Res. 772, cleared by unanimous consent, a procedure that adopts a resolution when no senator objects. It expresses the sense of the Senate that Bankman-Fried should receive neither a pardon nor a commutation, and it affirms the chamber\u2019s commitment to \u201cthe rule of law and integrity of the United States financial system.\u201d\u00a0<\/p>\n

The resolution is nonbinding and does not limit the president\u2019s constitutional power to grant clemency.<\/p>\n

Senators Cynthia Lummis, a Wyoming Republican, and Ruben Gallego, an Arizona Democrat, sponsored<\/a> the measure. The two serve as the top Republican and top Democrat on the Senate Banking Committee\u2019s digital assets subcommittee. They introduced the resolution on June 17, days after Bankman-Fried filed<\/a> a formal pardon application with the Justice Department.<\/p>\n

Lummis is the crypto industry\u2019s most committed advocate in Congress and has spent years drafting the legislation the industry seeks. On this measure she has led the push to keep one of the industry\u2019s most infamous figures in prison. \u201cHe had his day in court,\u201d Lummis said when she and Gallego introduced the resolution. Gallego\u2019s statement closed with four words: \u201cKeep him locked up.\u201d<\/p>\n

The text of the resolution states that Bankman-Fried\u2019s 25-year sentence \u201creflects the extraordinary scale and deliberateness of his crimes, his lack of remorse, and the catastrophic harm inflicted upon millions of victims.\u201d<\/p>\n

Bankman-Frieds\u2019 attempts to get out of jail<\/h2>\n

Bankman-Fried, 34, filed his petition on June 8. His application seeks a \u201cpardon after completion of sentence,\u201d a form of clemency that would not erase his conviction but would restore civil rights such as voting and jury service and lift barriers to licensing, employment, and housing after he leaves prison.\u00a0<\/p>\n

He is not eligible for release until around 2044.<\/p>\n

Trump said<\/a> in a January interview that he had no intention of pardoning Bankman-Fried. During his second term the president has granted clemency to other figures tied to crypto and to online markets, including Binance founder Changpeng Zhao and Silk Road creator Ross Ulbricht, along with other white-collar offenders.<\/p>\n

A jury convicted Bankman-Fried in November 2023 on seven counts tied to the collapse of FTX, a case prosecutors described as one of the largest financial frauds in U.S. history. American customers lost more than $8 billion. A judge sentenced him to 25 years in prison in 2024.<\/p>\n

Bankman-Fried ran two companies at the same time. FTX was a crypto exchange, which holds customer money the way a broker does and is not supposed to spend it. Alameda Research was a trading firm he owned.\u00a0<\/p>\n

He moved billions of dollars in FTX customer deposits to Alameda, which used the money for trades, venture investments, political donations, and Bahamian real estate. FTX\u2019s software exempted Alameda from the rules that would have forced it to cover its losses like any other trader.<\/p>\n

The arrangement came apart once Alameda\u2019s balance sheet was found and reported that much of what the firm counted as assets<\/a> was FTT, a token FTX had created and could issue at will. The collateral behind Alameda was, in effect, an asset its sister company had invented. The exchange Binance said within days that it would sell its FTT holdings, and the price of the token dropped.<\/p>\n

Customers moved to withdraw their deposits, and FTX could not return the money because it was no longer there. The exchange filed<\/a> for bankruptcy on Nov. 11, 2022.<\/p>\n

CoinDesk was<\/a> the first to report on FTX\u2019s dubious balance sheets. <\/p>\n

\n<\/p>

This post Senate Unanimously Votes That Sam Bankman-Fried Should Never Get a Pardon<\/a> first appeared on Bitcoin Magazine<\/a> and is written by Micah Zimmerman<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin Magazine Senate Unanimously Votes That Sam Bankman-Fried Should Never Get a Pardon The Senate passed a resolution on Wednesday stating that Sam Bankman-Fried should \u201cunder no circumstances\u201d receive executive clemency, a rebuke of the FTX founder\u2019s request that President Donald Trump commute or pardon his sentence. The measure, S. Res. 772, cleared by unanimous […]<\/p>\n","protected":false},"author":1,"featured_media":50027,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-50025","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"\nSenate Unanimously Votes That Sam Bankman-Fried Should Never Get a Pardon - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/sk\/senate-unanimously-votes-that-sam-bankman-fried-should-never-get-a-pardon\/\" \/>\n<meta property=\"og:locale\" content=\"sk_SK\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Senate Unanimously Votes That Sam Bankman-Fried Should Never Get a Pardon - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"Bitcoin Magazine Senate Unanimously Votes That Sam Bankman-Fried Should Never Get a Pardon The Senate passed a resolution on Wednesday stating that Sam Bankman-Fried should \u201cunder no circumstances\u201d receive executive clemency, a rebuke of the FTX founder\u2019s request that President Donald Trump commute or pardon his sentence. 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