Republican Senator Cynthia Lummis and Democratic Senator Rubén Gallego have united behind a bipartisan resolution opposing executive clemency for Sam Bankman-Fried. The lawmakers warn that granting a pardon or commutation would undermine deterrence and signal that large-scale financial fraud perpetrators can escape accountability.
The non-binding measure affirms that Bankman-Fried’s 25-year sentence reflects the deliberate scale of his crimes and the catastrophic harm inflicted on millions of victims. This legislative action follows the former FTX CEO's formal application for a presidential pardon after a federal appeals court upheld his conviction on seven felony counts related to misusing customer funds.
Bankman-Fried was convicted in November 2023 following the collapse of the cryptocurrency exchange, which resulted in billions of dollars in investor losses. While he has recently aligned himself with President Trump’s political agenda on social media, the president stated in January that he has no plans to grant clemency.
A spokesperson for Senator Lummis emphasized that Congress believes Bankman-Fried is exactly where he belongs. Meanwhile, other FTX executives face varying legal outcomes. Former Alameda Research CEO Caroline Ellison received early release after 14 months, while co-CEO Ryan Salame serves a 90-month sentence. Salame’s wife, Michelle Bond, was also recently indicted on campaign finance charges linked to the exchange.