The US Senate voted unanimously this week to oppose any clemency for former FTX CEO Sam Bankman-Fried. The resolution, adopted without a single dissenting vote, sends a clear signal from lawmakers that they want the convicted fraudster to serve his full sentence. Meanwhile, prediction markets put the odds of a presidential pardon for Bankman-Fried by July 31 at less than 1%.
Why the Senate Acted
The resolution doesn't carry the force of law, but it's a rare bipartisan statement on a specific criminal case. Senators from both parties co-sponsored the measure, which states that granting clemency to Bankman-Fried would be inappropriate given the scale of his crimes. The former crypto executive was found guilty of orchestrating one of the largest financial frauds in US history, stealing billions from FTX customers.
Bankman-Fried was sentenced to 25 years in prison in March 2024. He has appealed the conviction, but the Senate's action suggests little appetite in Congress for any early release or pardon.
Pardon Speculation Meets Reality
Despite occasional chatter on social media and in crypto circles about a possible pardon from President Donald Trump, the numbers tell a different story. Prediction markets, which have often been accurate on political outcomes, currently price the chance of a Trump pardon for Bankman-Fried by the end of July at under 1%. That's essentially a rounding error.
Trump has not publicly commented on the case since Bankman-Fried's conviction. The former president has used his pardon power sparingly, and mostly for individuals with personal or political ties. Bankman-Fried was a major Democratic donor before FTX collapsed, which may further reduce any incentive for a Republican president to intervene.
What Comes Next
Bankman-Fried remains in federal custody while his appeal works through the courts. The Senate resolution is now on file, and the White House has not responded to it. For now, the former crypto kingpin's best hope for a reduced sentence rests with the appeals court, not the Oval Office.
