Senators Cynthia Lummis and Ruben Gallego secured unanimous approval in the United States Senate for a resolution opposing any form of executive clemency for former FTX CEO Sam Bankman-Fried. The measure formalizes the House's opposition to a possible pardon or commutation of sentence, highlighting the seriousness of the case involving cryptocurrencies.
The approved text states that under “no circumstances” should Bankman-Fried receive executive clemency, reinforcing the institutional commitment to the rule of law and the integrity of the American financial system. The initiative was disclosed by the Senate Press Gallery and reflects a rare alignment among different political currents.
Introduced on June 17, the proposal came after the former executive requested a presidential pardon at the beginning of the same month. Lummis said that Bankman-Fried is trying to avoid the legal consequences of his conviction, while Gallego said that he “has shown no remorse” and continues to portray himself as a victim of the process.
Bankman-Fried was found guilty by a jury in November 2023, facing seven criminal charges related to the collapse of FTX. He was later sentenced to 25 years in prison. Federal prosecutors described the episode as one of the largest financial frauds in United States history, with losses exceeding US$ 8 billion for customers.
Even after the conviction, the former CEO maintains that both FTX and Alameda Research were not insolvent at the time of the crisis. He argues that the exchange would have been able to meet withdrawals during the liquidity episode in November 2022 and accuses the team responsible for the bankruptcy of “decimating” the business.
In addition, Bankman-Fried and family members also turned to current U.S. President Donald Trump in search of executive clemency. In January, however, Trump said there were no plans to grant a pardon to the former executive.
In parallel, the businessman withdrew a motion seeking a new trial after informing Judge Lewis Kaplan that he did not believe he would receive a “fair hearing.” The request had previously been filed by his mother, Barbara Fried, with the possibility of being refiled in the future.