USDSenators Oppose SBF Clemency as Crypto Return Plans Surface
Bipartisan resolution targets Bankman-Fried pardon effort after failed appeal
TL;DR
- Sens. Cynthia Lummis and Ruben Gallego introduced a Senate resolution opposing clemency for Sam Bankman-Fried.
- Bankman-Fried’s appeal was dismissed, leaving his conviction and prison sentence intact.
- New York Magazine reported that Bankman-Fried has discussed launching a new crypto token and business after release.
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Sens. Cynthia Lummis, R-Wyo., and Ruben Gallego, D-Ariz., introduced a Senate resolution opposing any federal clemency for Sam Bankman-Fried as the former FTX chief continues seeking relief and reportedly discusses a future return to crypto from prison.
The resolution was introduced on Wednesday, June 17, 2026, and states that “under no circumstances should Samuel Bankman-Fried receive executive clemency.” The measure is non-binding, so it would not legally stop President Donald Trump from granting a pardon, commutation or other form of clemency, but it would put the Senate on record against relief for Bankman-Fried.
Lummis and Gallego are the top Republican and Democrat on the Senate Banking Subcommittee on Digital Assets, giving the resolution direct relevance to ongoing crypto policy work in Congress. The measure describes Bankman-Fried as an unrepentant fraudster and rejects his claim that his prosecution amounted to political persecution.
“Keep him locked up,” Gallego said after the resolution declared that Bankman-Fried should not receive federal relief. Gallego also said Bankman-Fried had shown “no remorse” for his crimes, making accountability the central point of the lawmakers’ objection.
“He took advantage of millions of Americans and stole their savings,” Gallego said. “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.”
Lummis said Bankman-Fried already received due process. “He had his day in court,” she said. “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,” Lummis said.
A spokesperson for Lummis’ office said Bankman-Fried had “clearly ramped up his pardon campaign” and that Lummis wanted him to know “she and her colleagues think he’s right where he belongs.”
Pardon push follows failed appeal and long sentence
Bankman-Fried formally petitioned the Justice Department’s Office of the Pardon Attorney this month for a “pardon after completion of sentence,” and that request remains pending. Trump has said he has no plans to grant clemency to Bankman-Fried.
The clemency debate comes after Trump pardoned other crypto-linked figures, including Ross Ulbricht, Arthur Hayes, Ben Delo and Changpeng Zhao. Lawmakers’ resolution shows that even without a current plan from Trump to act, Bankman-Fried’s pardon effort has become politically sensitive.
Bankman-Fried has remained publicly active during imprisonment by maintaining his innocence, lobbying for relief and communicating through public-facing channels. He has also used X and GETTR, where he praised some of Trump’s actions, including Trump’s pardon of former Honduran President Juan Orlando Hernández. GETTR was founded by Jason Miller, a former senior adviser and spokesman for Trump.
Lummis criticized Bankman-Fried in February 2026 after his X account began promoting a crypto market-structure bill. Prediction markets placed the odds of a Bankman-Fried pardon in the single digits, making the clemency campaign a long-shot effort based on the available information.
Bankman-Fried ran FTX and founded Alameda Research. FTX filed for bankruptcy in November 2022 after it was revealed that customer assets had been used to support Alameda’s activities, and the exchange, once valued at tens of billions of dollars, collapsed within days.
A New York jury convicted Bankman-Fried in November 2023 on all seven counts tied to defrauding FTX customers, lenders and investors. The charges included fraud and conspiracy counts, and the verdict was unanimous.
Prosecutors described the FTX case as likely the largest financial fraud of the past decade and among the biggest financial frauds in U.S. history. FTX customers alone lost more than $8 billion.
Judge Lewis Kaplan sentenced Bankman-Fried in March 2024 to 25 years in prison and ordered $11 billion in forfeiture. A federal appeals court in New York dismissed his appeal on June 12, 2026, after finding the prosecution’s evidence overwhelmingly persuasive and concluding that there were no grounds to grant a new trial.
The ruling kept Bankman-Fried’s conviction and sentence in effect. After the Second Circuit upheld both, Bankman-Fried remained ineligible for release until 2044. Bankman-Fried had accused the original court of not giving him a fair chance, but that argument failed on appeal.
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Bankman-Fried reportedly discussed a new crypto venture
New York Magazine reported that Bankman-Fried has expressed interest in creating a new crypto token and launching a new business after release, according to accounts from cellmates. The comments suggest he is still discussing technology, finance and crypto while serving his sentence.
Bankman-Fried reportedly estimated in conversations with other inmates that building a “real company” would require $50 million to $100 million in seed capital. There is no indication of how he could fund such a project, and there is no evidence that investors would back a future venture led by him.
Bankman-Fried reportedly still speaks with journalists regularly and continues to say he was unjustly convicted. Most of his former inner circle has already received sentences or been released after cooperating with federal prosecutors, including former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang.
FTX’s bankruptcy remains active more than three years after the collapse, with proceedings still focused on recovering funds for creditors. The bankruptcy process has been described as one of the largest restructuring processes in financial history.
Regulators around the world continue to cite the FTX case when arguing for stricter rules on exchanges, custodial services and the handling of client assets. The case remains tied to broader digital asset policy debates even as Bankman-Fried pursues clemency from prison.
Lummis and Gallego are also involved in negotiations over crypto market-structure legislation that could create the first comprehensive federal regulatory framework for the industry. One major sticking point is concern over Trump and his family’s cryptocurrency ventures.
Gallego has argued that crypto legislation should include provisions barring the president, vice president, senior federal officials and immediate family members from engaging in certain digital-asset-related financial transactions. The pardon resolution adds another political front to the debate over crypto regulation, accountability and conflicts of interest.
FAQ
What did Lummis and Gallego introduce?
They introduced a non-binding Senate resolution opposing federal clemency for Sam Bankman-Fried.
Has Trump said he will pardon Bankman-Fried?
Trump has said he has no plans to grant clemency to Bankman-Fried.
What happened to Bankman-Fried’s appeal?
A federal appeals court dismissed it and left his conviction and sentence intact.
Is Bankman-Fried planning a crypto comeback?
New York Magazine reported he discussed a new crypto token and business after release.
This article has been refined and enhanced by ChatGPT.
