regulation
Senate Unanimously Opposes Pardon for Sam Bankman-Fried
The U.S. Senate has passed a resolution stating that Sam Bankman-Fried should not receive a presidential pardon or commutation, reflecting the chamber's stance on his criminal case. The resolution is nonbinding but signals strong legislative disapproval.
AS1 NewsSource: bitcoinmagazine.com
The Senate approved a resolution on Wednesday declaring that Sam Bankman-Fried, the founder of FTX, should under no circumstances receive a presidential pardon or commutation. The measure, S. Res. 772, was passed unanimously by consent, indicating broad bipartisan support. It emphasizes the Senate's commitment to the rule of law and the integrity of the U.S. financial system.
The resolution was introduced by Senators Cynthia Lummis and Ruben Gallego, who serve as the top Republican and Democrat on the Senate Banking Committee's digital assets subcommittee. It came shortly after Bankman-Fried filed a formal pardon application with the Justice Department. The resolution states that his 25-year sentence reflects the scale and deliberate nature of his crimes, which caused significant harm to victims.
Bankman-Fried was convicted in November 2023 on multiple counts related to the collapse of FTX, which resulted in over $8 billion in losses for customers. He was sentenced to 25 years in prison in 2024. His legal troubles stem from his operation of FTX and Alameda Research, where billions of dollars in customer deposits were misappropriated.
While Bankman-Fried's application for clemency seeks to restore civil rights after his sentence, President Donald Trump has publicly stated he would not pardon him. The resolution underscores the political and legislative opposition to granting clemency in this case, highlighting ongoing debates about accountability in the crypto industry.
The resolution signals strong legislative opposition to clemency for Bankman-Fried, but does not affect his legal status directly.