U.S. Senate Rejects Calls for Pardon for FTX Founder Sam Bankman-Fried

The bipartisan resolution signals that Washington's growing support for digital assets does not extend to individuals convicted of crypto-related financial crimes.

The U.S. Senate has unanimously adopted a resolution declaring that FTX founder Sam Bankman-Fried should "under no circumstances" receive a presidential pardon or sentence commutation, underscoring bipartisan support for accountability in one of the largest financial fraud cases involving the digital asset industry.

Passed by unanimous consent, Senate Resolution 772 affirms the Senate's commitment to "the rule of law and integrity of the United States financial system" while stating that Bankman-Fried should remain subject to his 25-year prison sentence.

Although the resolution carries no legal force and does not limit the president's constitutional clemency powers, it represents a rare bipartisan statement from lawmakers as the United States continues developing its digital asset regulatory framework.

Bipartisan Consensus on Accountability

The resolution was introduced by Senator Cynthia Lummis, a leading advocate for Bitcoin and digital asset legislation, together with Senator Rubén Gallego, the ranking Democrat on the Senate Banking Committee's Subcommittee on Digital Assets.

The bipartisan sponsorship is notable given the senators' prominent roles in shaping U.S. crypto policy.

When introducing the resolution in June, Lummis said Bankman-Fried "had his day in court," while Gallego stated that the former FTX executive should remain imprisoned.

A spokesperson for Lummis' office also said the resolution was intended to make clear that lawmakers opposed any effort to secure presidential clemency.

Resolution Reinforces Judicial Outcome

The Senate vote follows another setback for Bankman-Fried after a federal appeals court upheld his fraud conviction, narrowing his legal avenues for overturning the sentence.

President Donald Trump has also previously indicated that he has no plans to pardon the former FTX executive.

Bankman-Fried was convicted in November 2023 on seven criminal counts related to the collapse of FTX, once among the world's largest cryptocurrency exchanges.

Federal prosecutors described the case as one of the largest financial frauds in U.S. history, alleging that more than $8 billion in customer funds were misappropriated before the exchange's collapse in 2022.

He is currently serving a 25-year federal prison sentence.

Separating Crypto Innovation From Crypto Crime

The Senate's position comes at a time when U.S. policymakers are advancing legislation governing stablecoins, digital asset market structure and tokenization while simultaneously emphasizing stronger enforcement against financial misconduct.

The resolution illustrates a distinction increasingly reflected in Washington's approach to digital assets: support for blockchain innovation does not translate into leniency for individuals convicted of fraud.

The stance also contrasts with recent presidential pardons granted to several high-profile figures in the crypto industry, including former Binance CEO Changpeng Zhao (CZ) and BitMEX co-founders Arthur Hayes, Ben Delo and Samuel Reed.

By unanimously approving the resolution, senators from both parties signaled that the FTX collapse remains a defining example of the importance of investor protection and market integrity as digital assets become more integrated into the financial system.