A White House spokesperson has confirmed that U.S. President Donald Trump will not grant clemency to Sam Bankman-Fried (SBF), the founder and former CEO of the collapsed FTX exchange. The spokesperson made clear that Trump is the sole decider on mercy releases and stands firm against pardoning SBF, despite the latter's recent overtures.
Bankman-Fried's conviction and defense
In March 2024, SBF was sentenced to 25 years in federal prison after being found guilty on all seven counts of money laundering, conspiracy, and fraud. He has argued that FTX was targeted by the Biden administration due to his multi-million-dollar donations to Republican causes. His parents, both Stanford Law professors, have lobbied for a presidential pardon without success.
A week ago, SBF claimed that FTX's collapse was orchestrated by lawyers and successor John J. Ray III, who allegedly profited from bankruptcy filings. He also pointed to FTX's $7.1 billion repayment to investors as evidence of good faith.
Political pivot fails to sway Trump
In a series of X posts, SBF shifted toward Republican rhetoric, praising Trump's tariff policies as “right on crypto” and the capture of Venezuelan leader Nicolás Maduro as “smart, gutsy, and pro-democracy.” He also attacked Judge Lewis Kaplan — who sentenced him and presided over civil cases against Trump — for alleged political bias.
None of it changed the White House's stance. Trump's team emphasized that SBF committed $8 billion in financial fraud, making political alignment irrelevant.
What's next for SBF?
The 33-year-old remains incarcerated at the Metropolitan Detention Center (MDC) in Brooklyn. Supporters argue he deserves a pardon similar to those granted to Binance CEO Changpeng Zhao and former BitMEX CEO Arthur Hayes. But Trump has drawn a hard line. SBF's last resort is an appeal to the U.S. Court of Appeals for the Second Circuit.
Among crypto figures who received presidential pardons — including Silk Road founder Ross Ulbricht — SBF stands alone in being denied. The appeal may be his final, slim chance at freedom.