Senate sends unanimous message against a Bankman-Fried pardon

The U.S. Senate voted unanimously to put itself on record against clemency for Sam Bankman-Fried, the convicted founder of FTX. For crypto investors still sorting through the fallout from FTX, the move is a political signal: lawmakers from both parties want the exchange’s collapse treated as a lasting marker for financial accountability.

The Senate Press Gallery said Wednesday that senators agreed to S. Res. 772 by unanimous consent. That process lets a measure pass as long as no senator objects, so it does not require a roll-call vote.

The resolution says Bankman-Fried should, “under no circumstances,” receive executive clemency, including a pardon or commutation. Executive clemency is presidential relief from a federal conviction or sentence. A pardon can forgive a conviction, while a commutation can reduce a sentence without erasing the conviction.

The measure also says the Senate is affirming its support for “the rule of law and integrity of the United States financial system,” according to the Senate Press Gallery’s notice.

A symbolic vote with no legal effect

S. Res. 772 is nonbinding, which means it does not change federal law and does not force the White House to act. The president’s power to grant clemency comes from the Constitution, and the Senate resolution cannot restrict that authority.

Still, the vote gives lawmakers a unified public position on one of crypto’s highest-profile criminal cases. Bankman-Fried was convicted in 2023 and sentenced to 25 years in prison. According to the report, he is not eligible for release until 2044.

The resolution was led by Sen. Cynthia Lummis, Republican of Wyoming, and Sen. Rubén Gallego, Democrat of Arizona. They are the top Republican and Democrat on the Senate Banking Committee’s digital assets subcommittee.

Lummis and Gallego introduced the measure on June 17. At the time, Lummis said Bankman-Fried “had his day in court,” while Gallego said, “Keep him locked up.”

Bankman-Fried’s options have tightened

The Senate action follows another setback for Bankman-Fried. A federal court upheld his fraud conviction last month, meaning he lost his appeal, according to Decrypt.

President Donald Trump said in January that he had no plans to pardon Bankman-Fried, Decrypt reported. That statement matters because any pardon or commutation would have to come from the president, regardless of the Senate’s view.

Trump has granted clemency to other crypto-linked figures, according to Decrypt. The list includes Binance founder Changpeng “CZ” Zhao, BitMEX co-founders Arthur Hayes, Ben Delo and Samuel Reed, and Silk Road creator Ross Ulbricht.

The Senate’s resolution does not settle Bankman-Fried’s legal future. It does show that, at least on this question, senators are aligned across party lines: they do not want the former FTX chief to receive presidential relief from his sentence.

This story draws on original reporting from Decrypt.