Senate Unanimously Votes That Sam Bankman-Fried Should Never Get A Pardon
The short version
- Res. 772, cleared by unanimous consent, a procedure that adopts a resolution when no senator objects.
- Senators Cynthia Lummis, a Wyoming Republican, and Ruben Gallego, an Arizona Democrat, sponsored the measure.
- The two serve as the top Republican and top Democrat on the Senate Banking Committee’s digital assets subcommittee.
- They introduced the resolution on June 17, days after Bankman-Fried filed a formal pardon application with the Justice Department.
- Lummis is the crypto industry’s most committed advocate in Congress and has spent years drafting the legislation the industry seeks.
The story
Authored by Micah Zimmerman via BitcoinMagazine.com,
The Senate passed a resolution on Wednesday stating that Sam Bankman-Fried should “under no circumstances” receive executive clemency, a rebuke of the FTX founder’s request that President Donald Trump commute or pardon his sentence.
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’s commitment to “the rule of law and integrity of the United States financial system.”
The resolution is nonbinding and does not limit the president’s constitutional power to grant clemency.
Senators Cynthia Lummis, a Wyoming Republican, and Ruben Gallego, an Arizona Democrat, sponsored the measure. The two serve as the top Republican and top Democrat on the Senate Banking Committee’s digital assets subcommittee. They introduced the resolution on June 17, days after Bankman-Fried filed a formal pardon application with the Justice Department.
Lummis is the crypto industry’s 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’s most infamous figures in prison. “He had his day in court,” Lummis said when she and Gallego introduced the resolution. Gallego’s statement closed with four words: “Keep him locked up.”
The text of the resolution states that Bankman-Fried’s 25-year sentence “reflects the extraordinary scale and deliberateness of his crimes, his lack of remorse, and the catastrophic harm inflicted upon millions of victims.”
Bankman-Frieds’ attempts to get out of jail
Bankman-Fried, 34, filed his petition on June 8. His application seeks a “pardon after completion of sentence,” 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.
He is not eligible for release until around 2044.
Trump said 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.
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.
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.
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’s software exempted Alameda from the rules that would have forced it to cover its losses like any other trader.
The arrangement came apart once Alameda’s balance sheet was found and reported that much of what the firm counted as assets 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.
Customers moved to withdraw their deposits, and FTX could not return the money because it was no longer there. The exchange filed for bankruptcy on Nov. 11, 2022.
CoinDesk was the first to report on FTX’s dubious balance sheets.
How other outlets covered this
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The Story At A Glance
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- • The Senate unanimously passed S. Res. 772 to deny Sam Bankman-Fried any presidential clemency.
- • Bankman-Fried is serving 25 years for a massive fraud that cost customers $8 billion.
- • The nonbinding resolution follows Bankman-Fried's formal application for a post-sentence pardon.
Bankman-Fried used FTX customer funds to fuel Alameda Research's risky trades and political donations. His conviction stems from a massive financial deception that collapsed the FTX exchange.
Christian Perspective
The Bible demands strict accountability for theft and deception, as these sins destroy the trust required for a stable society. Bankman-Fried's calculated exploitation of millions of people violates the fundamental commandment to love your neighbor as yourself. Justice requires that those who profit from systemic dishonesty face the full consequences of their actions.
Implications
This ruling reinforces the necessity of the rule of law to protect the economic integrity of the American people. It prevents a corrupt financial elite from using political influence to escape the consequences of their greed. Upholding these standards protects the hardworking citizens who rely on honest markets.
Broader Trends
The case highlights the ongoing tension between the digital asset industry and federal regulators. It also reflects a growing demand for accountability among both political parties to prevent massive financial malfeasance. This movement seeks to ensure that high-profile figures cannot bypass justice through political maneuvering.
Takeaway
America First principles require a financial system that serves the interests of the nation rather than a parasitic class of fraudsters. True leadership must prioritize the protection of citizens over the interests of corrupt corporate entities. We must demand absolute integrity to preserve the economic foundation of our nation.
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