The U.S. Senate blocks the path to freedom for Sam Bankman-Fried: a resolution against clemency is adopted.
American lawmakers are going on the offensive. Senators Cynthia Lummis and Ruben Gallego have introduced a joint resolution directly targeting a possible presidential pardon for FTX founder Sam Bankman-Fried. While the document is not legally binding on the head of state, it demonstrates the consolidated position of the upper house of Congress.
Let me recall the key milestones of this case. In November 2022, the FTX empire collapsed, revealing massive fraud. In 2023, a jury found Bankman-Fried guilty on seven counts. Judge Lewis Kaplan sentenced him to 25 years in prison and ordered him to pay $11 billion in restitution. According to the prosecution, his scheme cost clients more than $8 billion.
Bankman-Fried's attempts to appeal the verdict failed. In April of this year, Judge Kaplan denied his request for a retrial, and last week, a federal appeals court finally upheld the 25-year sentence. The text of the Senate resolution emphasizes that this sentence "is commensurate with the exceptional scale and deliberateness of his crimes, his lack of remorse, and the catastrophic harm to millions of victims."
Political Context and SBF's Future
Despite the fact that Bankman-Fried's pardon application is still under review at the Department of Justice, his chances are rapidly dwindling. The former FTX head openly supported Donald Trump, and his parents hired lawyers connected to the ex-president. However, Trump himself categorically ruled out the possibility of a pardon for Bankman-Fried in January of this year.
If the sentence stands, Bankman-Fried will be released only in 2044. Notably, rumors suggest he is already making plans for life after release and allegedly intends to launch a new crypto token.
My analysis: This resolution is a powerful political signal. It not only closes the door to a pardon but also demonstrates that Congress intends to strictly crack down on any attempts to circumvent justice in high-profile cases related to the crypto industry. The Bankman-Fried case has set a precedent, and lawmakers are making it clear: the era of impunity in cryptocurrencies is over.