The U.S. Senate stood united against the pardon of Sam Bankman-Fried.
U.S. Senators Cynthia Lummis and Ruben Gallego have introduced a joint resolution aimed at opposing any potential presidential pardon for FTX founder Sam Bankman-Fried. While the document lacks direct legal force, it demonstrates the upper chamber of Congress's firm stance. For context, Bankman-Fried is currently serving his sentence and actively seeking ways to reduce it.
A Political Signal, Not a Legal Ultimatum
This resolution is primarily a political tool that cannot block a presidential decision. However, it clearly signals that the Senate will not tolerate attempts to soften the punishment for a man whose actions led to one of the largest financial collapses in the history of the crypto industry. Bankman-Fried's official pardon request is currently under review by the U.S. Department of Justice.
Why 25 Years Is Fair
Let me recap the timeline: Bankman-Fried was the co-founder of FTX and Alameda Research before their collapse in November 2022. In 2023, a jury found him guilty on seven counts of fraud and conspiracy. Judge Lewis Kaplan sentenced him to 25 years in prison and ordered the forfeiture of $11 billion. According to the prosecution, his scheme deprived clients of over $8 billion.
On April 28, 2026, Judge Kaplan denied Bankman-Fried's request for a new trial. Last week, the Federal Appeals Court upheld the verdict and sentence. The Senate resolution emphasizes that the imposed sentence corresponds to "the exceptional scale and deliberateness of his crimes, his lack of remorse, and the catastrophic harm to millions of victims."
The Pardon Request and Trump's Reaction
Bankman-Fried has submitted a petition to the Office of the Pardon Attorney at the U.S. Department of Justice. It is known that he openly supported Donald Trump in his social media posts, and his parents hired lawyers connected to Trump to lobby for a pardon. However, in January, Trump himself ruled out the possibility of pardoning Bankman-Fried. If the sentence remains unchanged, he will not be released until 2044.
My analyst's comment: This resolution is an important precedent. It shows that even amid political polarization, Washington can consolidate around the principle of inevitable punishment for financial crimes in the crypto sphere. For the market, this is a signal: the "Wild West" era in cryptocurrencies is over, and regulators are prepared to go all the way to restore investor confidence.