US lawmakers from both parties put pressure on a joint proposal to ban presidential pardons or sentence relief for SBF

Comparatively, US Senator Rubén Gallego (Democratic Party, Arizona) and Cynthia Lummis (Republican, Wyoming) jointly proposed a bipartisan resolution requesting that Congress officially state its opposition to FTX founder Sam Bankman-Fried receiving presidential pardons, commutation of sentences, or other forms of federal relief under any circumstances. Two lawmakers said the SBF has completed trial proceedings in court and should no longer seek forgiveness. Among them, Gallego said it had “no remorse,” while Lummis said it should assume established responsibilities rather than “pursue unobtained pardons.”

SBF was convicted by a jury on 7 counts of fraud and conspiracy in 2023 in the FTX crash, and was sentenced to 25 years in prison and the recovery of approximately $11 billion in assets in 2024. The customer lost more than $8 billion. The case is considered one of the largest financial frauds in US history.

The resolution also responds to its recent application for pardon submitted to the US Department of Justice. Although Trump has previously stated that he has no intention of granting him an amnesty, some lawmakers are still concerned about political uncertainty about the relevant procedures. Currently, it is predicted that the probability that the SBF will be pardoned by the market remains low in single digits. (Decrypt)