A bipartisan group of senators is pressing President-elect Donald Trump to reject Sam Bankman-Fried's pardon request, arguing that granting clemency would undermine accountability in the crypto industry. The lawmakers, from both sides of the aisle, made their position public this week, signaling that the push for consequences after FTX's collapse transcends party lines.
Who's pushing back
The senators haven't all been named in the available details, but the fact that both Democrats and Republicans are involved is itself notable. It suggests that Bankman-Fried — once a major political donor — has lost whatever goodwill he had in Washington. The bipartisan opposition isn't common on crypto-related matters, which often split along partisan lines.
Bankman-Fried was convicted on fraud charges tied to the implosion of FTX, which wiped out billions in customer funds. A pardon would effectively reverse that verdict. The senators argue it would send a signal that white-collar crime in crypto carries no real consequences — a message the industry, still fighting for legitimacy, can't afford.
What happens now
Trump hasn't indicated where he stands on the pardon request. The decision rests with him alone. But with bipartisan pressure mounting, rejecting the plea would be the politically safe move. The ball is in Trump's court, and the clock is ticking.
