Senate Opposes Clemency for SBF in Unanimous Consent

Senators Cynthia Lummis (R‑Wyo.) and Ruben Gallego (D‑Ariz.) won Senate approval by unanimous consent for a nonbinding resolution declaring that former FTX CEO Sam Bankman‑Fried should not receive presidential clemency.

Introduced on June 17 after Bankman‑Fried sought a presidential pardon earlier in the month, the bipartisan resolution says “under no circumstances” the former executive should receive a pardon or commutation and affirms the Senate’s commitment to the rule of law and the integrity of the U.S. financial system. The language was entered into the congressional record without objection.

Bankman‑Fried was convicted by a jury in November 2023 on seven criminal counts tied to the collapse of FTX and was later sentenced to 25 years in prison. Federal prosecutors said American customers lost more than $8 billion after FTX’s November 2022 liquidity crisis and collapse.

Lummis argued Bankman‑Fried was seeking to avoid the consequences of his conviction. Gallego criticized the former CEO for showing no remorse and for continuing to portray himself as a victim.

Bankman‑Fried and his family have requested clemency from President Donald Trump. In January, Trump indicated he had no plans to pardon the former executive.

In public statements and court filings, Bankman‑Fried has maintained that FTX and its sister trading firm Alameda Research were not insolvent and that the exchange could have met customer withdrawals during the November 2022 liquidity crunch. He blamed bankruptcy lawyers and new management for forcing the company into bankruptcy.

Separately, Bankman‑Fried withdrew a motion seeking a new trial after telling U.S. District Judge Lewis A. Kaplan he did not believe he would receive a fair hearing. The motion, filed in March by his mother, Barbara Fried, was withdrawn without prejudice pending resolution of his direct appeal and a related request for reassignment.

The Senate resolution does not change the president’s constitutional power to grant pardons or commutations but records congressional opposition to any clemency for Bankman‑Fried.