US Senators Urge Trump Not to Pardon Former FTX CEO Sam Bankman-Fried

Two leading US senators involved in crypto legislation have formally urged President Donald Trump not to grant executive clemency to former FTX CEO Sam Bankman Fried. On June 17, Senators Cynthia Lummis of Wyoming and Ruben Gallego of Arizona introduced a four page resolution stating that Bankman Fried should not receive a presidential pardon under any circumstances.

The move comes as Bankman Fried continues to seek clemency following his conviction over the collapse of FTX, one of the largest failures in cryptocurrency industry history.

Lawmakers Cite Fraud Conviction and Lack of Remorse

Bankman-Fried was found guilty in November 2023 on seven counts related to defrauding FTX customers, lenders and investors. Prosecutors described the case as one of the largest financial frauds of the past decade. He was later sentenced to 25 years in prison.

Lummis said Bankman Fried had already received a fair trial and should be held accountable for his actions. Gallego argued that millions of Americans lost savings because of the FTX collapse and criticized the former executive for continuing to portray himself as a victim.

Pardon Debate Emerges Amid Crypto Policy Talks

The resolution arrives as lawmakers continue negotiations on broader cryptocurrency market structure legislation. Both senators have played key roles in discussions aimed at creating a federal regulatory framework for digital assets.

Trump Has Not Indicated Plans to Grant Clemency

Although Bankman-Fried has reportedly sought a pardon and has publicly praised some actions taken by Trump, the president has previously said he has no plans to grant clemency. The former FTX executive also recently lost an appeal seeking to overturn his conviction and sentence.