Sam Bankman-Fried, the former chief executive of collapsed crypto exchange FTX, has intensified his public praise of US President Donald Trump, marking a sharp contrast with his earlier alignment with Democratic leadership. His recent comments came shortly after Caroline Ellison, former head of Alameda Research, was released from federal custody after serving a prison sentence related to the FTX collapse.
Shift in Political Messaging
In a series of posts on X, Bankman-Fried described Trump as “right on crypto,” while criticizing former President Joe Biden for what he called mismanagement of digital asset regulation. He argued that Biden’s decision to appoint Gary Gensler as chair of the Securities and Exchange Commission led to an overly aggressive enforcement-first approach toward the crypto industry.
Gensler stepped down in January 2025, ahead of Trump’s inauguration. His successor, Paul Atkins, was sworn in during April 2025 and is widely regarded by market participants as more supportive of crypto innovation.
Broader Praise and Pardon Speculation
Beyond digital assets, Bankman-Fried also praised Trump’s handling of foreign policy matters, including the arrest of Venezuelan President Nicolás Maduro, calling the move “smart” and “gutsy.”
The timing of these statements has fueled speculation that Bankman-Fried may be seeking clemency. He is currently serving a 25-year prison sentence following his 2023 conviction on multiple fraud-related charges and has an appeal pending in federal court. Prediction markets currently place the odds of a presidential pardon before 2027 at around 17%.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.