In a rare bipartisan rebuke, the U.S. Senate has formally recorded its opposition to any federal clemency for Sam Bankman‑Fried, the disgraced FTX founder. By unanimous consent on July 15, senators approved S.Res.772, a nonbinding resolution stating Bankman‑Fried “under no circumstances” should receive executive clemency — including a presidential pardon or commutation.
The measure, introduced on June 17 by Senators Cynthia Lummis (R‑Wyo.) and Ruben Gallego (D‑Ariz.) — both members of the Senate Banking Committee’s digital assets subcommittee — frames the denial of clemency as a defense of the rule of law and the integrity of the U.S. financial system. Lummis said Bankman‑Fried “had his day in court,” while Gallego urged that he remain behind bars.
While S.Res.772 is nonbinding and cannot legally prevent a president from granting clemency, its unanimous passage is politically significant: no senator present objected to formally opposing a pardon or commutation for Bankman‑Fried.
Background and legal status
- Bankman‑Fried was convicted by a federal jury in November 2023 on seven fraud and conspiracy counts tied to the collapse of crypto exchange FTX. Prosecutors said he diverted billions in customer funds to Alameda Research and used the money for investments, political donations and other personal spending.
- In March 2024 a judge sentenced him to 25 years in prison. Federal records cited in reporting place his projected release in 2044.
- In June (this year), Bankman‑Fried submitted a formal pardon application to the White House while continuing to press legal challenges. Days after the pardon filing, a three‑judge appeals panel rejected arguments that the trial court improperly limited evidence he wanted to present, leaving his conviction and sentence intact, though additional avenues for review remain.
Political context
President Donald Trump has previously granted clemency to high‑profile figures connected to the crypto world — pardoning Ross Ulbricht (Silk Road) in January 2025 and Binance founder Changpeng Zhao in October 2025 — making clemency a live political issue for industry observers. The White House has not moved to support Bankman‑Fried: Trump publicly said in January he did not plan to pardon him, and White House spokespeople referred reporters back to that statement after the formal pardon application was filed.
What this means
The resolution sends a clear message from Capitol Hill: while the Constitution vests the president with the formal power to pardon, the Senate has taken a unanimous, bipartisan stance opposing clemency for Bankman‑Fried. For the former FTX chief, that posture narrows political avenues even as his legal team explores further judicial options.
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