Two prominent Senate crypto advocates are moving to block a pardon for convicted FTX founder Sam Bankman-Fried. Senators Cynthia Lummis and Bernie Moreno introduced legislation urging President Trump to reject the clemency request filed with the Department of Justice on June 8.
Bankman-Fried is currently serving a 25-year sentence for fraud that erased between $8 billion and $11 billion in customer funds. Despite his incarceration, he has attempted to position himself as an administration ally through prison communications supporting crypto-friendly policies.
Lawmakers dismissed this strategy as a fundamental misread of the political environment. Senator Moreno issued a sharp rebuke of the former CEO, while Senator Lummis emphasized accountability for victims over ideological alignment. Both framed their opposition as essential to maintaining industry integrity rather than anti-crypto sentiment.
President Trump previously stated in January 2026 that he would not grant clemency due to the sheer scale of the financial crimes. This bipartisan congressional push reinforces that message, signaling that political support cannot outweigh the magnitude of vaporized customer deposits.