The US Senate has unanimously declared that FTX founder Sam Bankman-Fried should not receive a presidential pardon or have his 25-year prison sentence commuted.
On Wednesday, senators approved S. Res. 772 by unanimous consent, a procedure that allows a resolution to pass as long as no senator objects.
What Does the Senate Resolution Say?
The resolution goes beyond Bankman-Fried’s individual case. It also reaffirms the Senate’s commitment to the rule of law and the integrity of the US financial system.
However, the measure is advisory and carries no legal force. It does not restrict the president’s constitutional authority to issue pardons or commute federal sentences.
The resolution was introduced by Senators Cynthia Lummis, a Republican, and Ruben Gallego, a Democrat. Both serve as senior members of the Senate Banking Committee’s Subcommittee on Digital Assets.
Lummis, one of the most prominent supporters of the cryptocurrency industry in Congress, said Bankman-Fried had already exercised his right to a fair trial.
Gallego took a stronger position, directly calling for the former FTX executive to remain behind bars. Lummis’s office had previously expressed a similar view, saying that prison was where Bankman-Fried belonged.
Bankman-Fried’s Path to Release Continues to Narrow
The Senate resolution comes as Bankman-Fried continues trying to overturn his conviction or secure an early release.
Last month, he lost an appeal after a federal court upheld his fraud conviction. President Donald Trump also said in January that he had no plans to pardon the former FTX CEO.
Trump has taken a more lenient approach toward several other prominent figures associated with the cryptocurrency industry. He granted pardons to Binance founder Changpeng Zhao, the co-founders of BitMEX and Silk Road creator Ross Ulbricht.
FTX Collapse Cost Customers Billions
The FTX case became one of the largest scandals in cryptocurrency history.
In November 2023, a jury found Bankman-Fried guilty on seven criminal counts related to the exchange’s collapse in 2022. Prosecutors described the case as one of the largest financial fraud schemes in US history.
Bankman-Fried was later sentenced to 25 years in federal prison. Prosecutors said FTX customers lost more than $8 billion as a result of the fraud.
With the courts, the White House and the entire Senate now opposing his release, Bankman-Fried’s remaining options appear increasingly limited. Under his current sentence, he is unlikely to leave prison before 2044.
