Bipartisan senators urge no pardon for Bankman‑Fried

On Wednesday, Senators Cynthia Lummis (R‑Wyo.) and Rubén Gallego (D‑Ariz.) introduced a non-binding Senate resolution stating Samuel Bankman‑Fried should not receive executive clemency, including a pardon or commutation, following his conviction and 25‑year sentence in the FTX fraud case.

The resolution argues that granting clemency would erase the conviction, weaken deterrence and send a damaging message that perpetrators of large‑scale financial fraud can avoid lasting accountability. It states the 25‑year sentence “reflects the extraordinary scale and deliberateness of his crimes, his lack of remorse, and the catastrophic harm inflicted upon millions of victims,” and adds that the sentence serves the interests of justice. The measure notes it is non‑binding because the president’s clemency authority is established in the Constitution.

Bankman‑Fried formally applied for a presidential pardon after a federal appeals court last week upheld his November 2023 conviction on seven felony counts tied to the misuse of FTX customer funds. Prosecutors say the collapse of the cryptocurrency exchange in late 2022 produced billions of dollars in investor losses. With the appeals court decision affirmed, his remaining legal options are a presidential pardon or an appeal to the U.S. Supreme Court.

He was sentenced in March 2024 to 25 years in prison. After sentencing, he posted messages on social media aligning with the president’s political positions. The president has said he does not plan to grant a pardon to Bankman‑Fried.

Lummis’s office released a statement saying the senator wants him to know “he is right where he belongs.” Gallego’s office did not respond to a request for comment.

Other former FTX executives received varied outcomes after cooperating with prosecutors. Caroline Ellison was sentenced to two years and was released early in January after about 14 months. Former engineering director Nishad Singh and co‑founder Gary Wang were sentenced to time served after testifying at Bankman‑Fried’s trial. Ryan Salame received a 90‑month prison term for charges including unlawful political contributions and running an unlicensed money‑transmitting business. Michelle Bond, Salame’s wife, has been indicted on charges tied to an alleged illegal campaign financed with exchange funds.

The resolution does not attempt to change the constitutional scope of presidential clemency.