Key Takeaways
- The Senate unanimously approved S.Res. 772, opposing any form of federal clemency for Sam Bankman-Fried.
- The bipartisan resolution was introduced by Senators Ruben Gallego (D-AZ) and Cynthia Lummis (R-WY).
- Bankman-Fried has formally petitioned for a presidential pardon, but there is no indication the White House is considering granting one.
Senate Unanimously Opposes Clemency for Bankman-Fried
The U.S. Senate on July 15 unanimously approved S.Res. 772, a bipartisan resolution declaring that former FTX CEO Sam Bankman-Fried should not receive a presidential pardon, commutation or any other form of federal executive clemency.
The measure, introduced on June 17 by Senator Ruben Gallego (D-AZ) and Senator Cynthia Lummis (R-WY), was referred to the Senate Judiciary Committee. On July 15, the committee was discharged, and the Senate then approved the resolution by unanimous consent.
The resolution argues that granting executive clemency would weaken deterrence against large-scale financial crimes, erode confidence in U.S. financial markets and send the wrong message to the millions of victims affected by FTX’s collapse. It also reaffirms the Senate’s commitment to the rule of law and equal accountability under the justice system.
Resolution Reaffirms Legitimacy of the FTX Prosecution
Lawmakers used the resolution to reaffirm the integrity of the federal criminal justice process that convicted Bankman-Fried. It cites his conviction on seven criminal counts, including wire fraud, securities fraud, commodities fraud and money laundering conspiracy, along with the 25-year prison sentence imposed in March 2024.
The Senate also rejected Bankman-Fried’s characterization of the prosecution as “lawfare,” stating that his conviction resulted from a unanimous jury verdict and sentencing by an independent federal judge. The resolution further argues that his lack of remorse and the scale of harm inflicted on customers and investors justify maintaining his sentence.
Bankman-Fried Has Actively Sought Clemency, but Prospects Remain Slim
The Senate’s action comes after Bankman-Fried spent months pursuing executive clemency. In June, he formally submitted a petition to the Justice Department’s Office of the Pardon Attorney seeking a “pardon after completion of sentence,” according to the department’s public database.
Before filing the application, Bankman-Fried sought to build support for a pardon by praising President Donald Trump on social media and giving a jailhouse interview to Tucker Carlson. Despite those efforts, there is no public indication that the White House is actively considering clemency. Reports have described the application as a long shot, noting that Trump previously told The New York Times he did not intend to pardon the former crypto executive.
Lawmakers Cite Lasting Harm to Investors as DOJ Review Continues
According to the resolution, Bankman-Fried secretly diverted billions of dollars in customer assets from FTX to Alameda Research, contributing to what federal prosecutors described as one of the largest financial frauds in U.S. history. The Senate cited court findings that FTX customers lost more than $8 billion, equity investors more than $1.7 billion and Alameda Research lenders more than $1.3 billion.
Although S.Res. 772 is nonbinding and cannot prevent a president from exercising clemency powers, it establishes a unanimous Senate position against granting relief to Bankman-Fried. The next key development will be whether the Department of Justice or the White House takes any action on his pending pardon application while the FTX bankruptcy proceedings and victim repayment efforts continue.
