Two U.S. senators from opposite parties have joined forces to block any potential pardon or clemency for FTX founder Sam Bankman-Fried. Senators Ruben Gallego (D-Ariz.) and Cynthia Lummis (R-Wyo.) introduced a bipartisan resolution Wednesday that puts the Senate firmly on record opposing any form of executive clemency for the convicted crypto executive.
What the resolution does
The resolution doesn't carry the force of law, but it sends a clear political signal. It states that the Senate opposes granting Bankman-Fried a pardon, commutation, or any other clemency "under any circumstances." By forcing a vote or at least a recorded position, the two senators aim to make it harder for any future administration to quietly consider such a move.
Bankman-Fried was convicted in November 2023 on seven counts of fraud and conspiracy related to the collapse of FTX, the cryptocurrency exchange he founded. He's currently serving a 25-year prison sentence and has filed an appeal. While no pardon request has been publicly made, the resolution preemptively shuts the door on any discussion of clemency before it can gain traction.
Bipartisan push against crypto fraud
Gallego and Lummis rarely find themselves on the same side of a crypto policy debate — Lummis has been one of the industry's strongest advocates in Congress, while Gallego has been more skeptical. But on this issue, they agree: Bankman-Fried's crimes were too large and too damaging to warrant leniency.
FTX's implosion wiped out billions of dollars in customer funds, shattered confidence in crypto markets, and triggered a wave of regulatory scrutiny that still echoes through Washington. The senators' resolution reflects a bipartisan consensus that the scale of the harm demands accountability, not mercy.
Why now?
The timing may be linked to the approaching end of the current presidential term. Though President Joe Biden hasn't signaled any interest in clemency for Bankman-Fried, Gallego and Lummis are moving to lock in Senate opposition before any hypothetical pardon conversation could begin. The resolution also serves as a warning to any future president considering the idea.
Bankman-Fried's appeal is still pending, and his legal team has argued that his sentence was excessive. The resolution doesn't address the appeal process — it specifically targets executive clemency, which is a separate power vested in the president.
Political implications
For Lummis, the resolution helps distance herself from the crypto industry's most notorious failure. She's long pushed for clear crypto regulation and has often defended the industry's potential, but Bankman-Fried's case has been a liability. Gallego, meanwhile, can point to the resolution as proof that he takes financial fraud seriously, a useful stance in a competitive political environment.
The resolution has been referred to the Senate Judiciary Committee. No vote has been scheduled yet, but the sponsors are pushing for quick action. If it passes, the Senate will have formally declared that no president should ever offer Bankman-Fried a way out — no matter how many years pass or how the political winds shift.
