Two U.S. senators from opposite parties introduced a resolution Thursday opposing any clemency for Sam Bankman-Fried, the convicted former CEO of the collapsed cryptocurrency exchange FTX. Senators Cynthia Lummis (R-Wyo.) and Ruben Gallego (D-Ariz.) filed the bipartisan measure in the Senate, marking a rare moment of cross-aisle unity on an issue tied to the 2022 crypto meltdown.
What the resolution does
The resolution declares that the Senate opposes granting a pardon, commutation, or any other form of clemency to Bankman-Fried. It doesn't have the force of law, but it sends a clear political signal to the White House and the Justice Department. Bankman-Fried was convicted in November 2023 on seven counts of fraud and conspiracy and sentenced to 25 years in prison. He is currently incarcerated at a federal facility in Brooklyn.
Lummis and Gallego have both been vocal about the damage the FTX collapse caused. The company's bankruptcy wiped out billions of dollars in customer funds, shattered retirement accounts, and triggered a wave of enforcement actions across the crypto industry. The resolution's backers argue that granting clemency would undermine the principle that white-collar criminals face meaningful consequences.
A rare bipartisan push
The resolution is notable because Lummis, a conservative Republican, and Gallego, a liberal Democrat, rarely find common ground on financial regulation. Lummis has been a longtime crypto advocate, pushing for a regulatory framework for digital assets. Gallego sits on the House Armed Services Committee and has focused on defense and veterans issues. Both agreed that Bankman-Fried's sentence should stand.
The measure also comes as President Joe Biden has faced pressure from some progressive groups and libertarian-leaning donors to consider clemency for nonviolent offenders. Bankman-Fried's case does not fit that category — prosecutors said he orchestrated a scheme that defrauded customers of at least $8 billion. A pardon or commutation for him would be politically toxic for either party, observers say.
What happens next
The resolution has been referred to the Senate Judiciary Committee. It is unclear whether the committee will hold a vote or if the full Senate will take it up. Similar symbolic resolutions have passed in the past in cases like that of former Illinois Governor Rod Blagojevich, though those were typically sponsored by lawmakers from the affected state.
Bankman-Fried's legal team has filed an appeal of his conviction, arguing that the trial judge made procedural errors. That appeal is pending before the Second Circuit Court of Appeals. Separately, any clemency request would go to the Office of the Pardon Attorney, which then makes a recommendation to the president. So far, no formal petition has been filed on Bankman-Fried's behalf.
The resolution doesn't force the president to act. But it does put Congress on the record, making any future clemency for Bankman-Fried a much heavier political lift.
