US lawmakers back resolution against a presidential pardon for Sam Bankman-Fried

Two senators from opposite parties are moving to put Congress on record against any executive clemency for Sam Bankman-Fried. For anyone running payments or compliance in crypto, the point is simple: the legal risk around FTX’s collapse is not done just because the appeal window is narrowing.

1. Republican Senator Cynthia Lummis and Democratic Senator Rubén Gallego plan to introduce a resolution on Wednesday saying that “under no circumstances should Samuel [SBF] Bankman-Fried receive executive clemency, including a pardon or commutation.” The measure is non-binding, because the US president’s pardon power is written into the Constitution, but it is still a clear political signal.
2. The resolution argues that if US President Donald Trump granted Bankman-Fried’s pardon request, it would “erase [his] conviction,” weaken deterrence, and send “a deeply damaging message” that large-scale financial fraud can avoid permanent accountability. It also says the 25-year sentence reflects the “extraordinary scale and deliberateness” of his crimes, his lack of remorse, and the harm caused to millions of victims.
3. Bankman-Fried formally applied for a pardon after being convicted on seven felony counts tied to the misuse of FTX user funds. Last week, a federal appeals court upheld both the conviction and the sentence, leaving a presidential pardon or a US Supreme Court appeal as his only remaining legal paths forward.
4. He was convicted in November 2023 after the collapse of cryptocurrency exchange FTX a year earlier, which left investor losses totaling billions of dollars. He was later sentenced to 25 years in prison. After his sentencing in March 2024, he posted messages on social media aligning himself with Trump’s political agenda, including US military actions in Venezuela and Iran. In a January interview with the New York Times, Trump said he had no plans to pardon Bankman-Fried.
5. The rest of the FTX circle has not disappeared from the story either. Caroline Ellison, former CEO of Alameda Research, received a two-year sentence in 2024 and was released early in January after 14 months. FTX former engineering director Nishad Singh and co-founder Gary Wang were both sentenced to time served after testifying against SBF. Ryan Salame, the co-CEO of FTX Digital Markets, was sentenced to 90 months in prison for unlawful political contributions and conspiracy to operate an unlicensed money-transmitti...

For crypto exchanges, PSPs, and banking partners, the practical takeaway is that the FTX case remains a live reference point for enforcement, sentencing, and political pressure around high-profile fraud. Even with an appeals court ruling in place, the headline risk does not end when the trial does.