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- Trump rules out pardon for Sam Bankman-Fried, ending months of speculation in crypto circles
- Bankman-Fried serves 25-year sentence while appeals continue through the US federal courts
- Trump contrasts refusal with past crypto pardons tied to Ulbricht, BitMEX, and Binance
President Donald Trump has ruled out granting a pardon to Sam Bankman-Fried, shutting down speculation that lingered in crypto circles. The remarks remove political uncertainty as the imprisoned former FTX chief continues to challenge his conviction through the courts.
Trump delivered the statement during a wide-ranging interview with The New York Times. He answered inquiries concerning a number of well-known cases and presidential clemency. His response on Bankman-Fried was direct and left no ambiguity.
A federal jury convicted Bankman-Fried in November 2023 on fraud and conspiracy charges. Prosecutors said he misused billions of dollars in customer funds. A judge sentenced him in March 2024 to 25 years in prison.
Bankman-Fried Pursues Appeals Following Clemency Speculation
Bankman-Fried has appealed both the conviction and the sentence. His legal team argues that errors affected the trial and punishment. Those appeals remain active in the federal court system.
A January 2025 report by Bloomberg drew speculation that he would be pardoned. However, the report indicated that the parents of Bankman-Fried sought out clemency outreach. It quoted conferences with attorneys and individuals related to the Trump political base.
The refusal of Trump is of importance since he exercised clemency in other cases related to crypto. He later pardoned Ross Ulbricht in January 2025. The relocation was applauded by libertarian lobby groups and Bitcoin proponents.
He later pardoned the co-founders of BitMEX, including Arthur Hayes. The convictions were tied to Bank Secrecy Act violations. Trump also granted clemency to other figures linked to the exchange.
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Trump Defends Binance Founder Pardon as Investors Cite FTX Losses
In October, Trump pardoned Changpeng Zhao, the founder of Binance. The move was criticized due to Binance’s enforcement history. The White House justified the action as a constitutional exercise of presidential power.
Karoline Leavitt, press secretary in the White House, stated that the president followed his authority. She claimed that Zhao had been prosecuted in what the authorities referred to as an aggressive stance on cryptocurrency. The remarks framed the pardon as being policy-based.
Many investors hold a different opinion regarding the case presented by Bankman-Fried. The downfall of FTX resulted in the extensive losses. It harmed confidence in the digital asset industry.
Trump has defended the wider promotion of cryptocurrency in the interview. He opined that the post was politically and strategically important. He referred to the competition with China and the potential voter response to cryptocurrency.
Bankman-Fried has little to do with the comments made by Trump. He has no options available other than pursuing the appeals process. The White House has clarified that clemency is not considered.
Also Read: Morgan Stanley Expands Crypto Offerings with Ethereum Trust as Institutional Investors Gain Access
