'He had his day in court:' Sens. Lummis and Gallego press Trump not to pardon former FTX CEO Sam Bankman-Fried
A pair of senators who have been key in negotiating cryptocurrency legislation are urging President Donald Trump not to pardon jailed former exec Sam Bankman-Fried.
On Wednesday, Sens. Cynthia Lummis, R-Wyo, and Ruben Gallego, D-Ariz., introduced a four-page resolution "expressing the sense of the Senate that under no circumstances should Samuel Bankman-Fried receive executive clemency."
Bankman-Fried ran crypto exchange FTX and founded the hedge fund Alameda Research. In November 2022, FTX filed for bankruptcy as both began to unravel, as it was revealed that customer assets had been used to support Alameda Research's activities.
Bankman-Fried was convicted in November 2023 by a New York jury on all seven counts related to defrauding FTX customers, lenders, and investors. Prosecutors described the scheme as likely the largest financial fraud of the past decade.
"He had his day in court," Lummis said in a statement. "A jury didn't buy the act, and a judge gave him 25 years for a reason. Mr. Bankman-Fried can spend that time chasing clemency he hasn't earned, or he can finally do something novel and take accountability, but I'm certainly not interested in helping him avoid responsibility."
Over the past year, Trump has pardoned key figures linked to the crypto industry, including dark web marketplace operator Ross Ulbricht and former Binance CEO Changpeng Zhao.
Last week, Bankman-Fried lost his appeal to overturn his sentence after accusing the original court of not giving him a fair chance. Earlier reported the news about the legislative resolution.
Bankman-Fried has been seeking a pardon from Trump, though the president has said he has no plans to do so. The White House did not immediately respond to a request for comment about the new resolution on Wednesday.
Over the past year, Bankman-Fried has been active on his X and accounts, praising some of Trump's actions, including the pardon of ex-Honduran President Juan Orlando Hernández. GETTR was founded by Jason Miller, a former senior advisor and spokesman for Trump.
"He took advantage of millions of Americans and stole their savings," Gallego said in a statement. "Perhaps worst of all, he has shown no remorse for his crimes and has instead tried to laughably claim he is a victim of 'lawfare.' What a joke."
Both Lummis and Gallego have been engaged in negotiations over broader crypto market structure legislation that would, for the first time, establish a comprehensive federal regulatory framework for the industry. One major sticking point has been the ethical concerns surrounding Trump and his family's cryptocurrency ventures.
Gallego has argued that the legislation should include provisions barring the president, vice president, other senior federal officials, and their immediate family members from engaging in certain financial transactions involving digital assets.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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