Senators oppose clemency for Sam Bankman-Fried

Two members of the Senate Banking Committee moved Wednesday to put Congress on record against clemency for Sam Bankman-Fried, the imprisoned FTX cofounder. The resolution matters because it signals bipartisan resistance as Bankman-Fried seeks relief from the executive branch after his fraud conviction.

Fortune reported that Sens. Cynthia Lummis, a Wyoming Republican, and Ruben Gallego, an Arizona Democrat, introduced the measure opposing Bankman-Fried’s request for a pardon. The resolution urges the executive branch to reject clemency and says his 25-year sentence serves justice, according to Fortune.

The measure does not name President Donald Trump directly and would not have legal power to stop a presidential pardon, Fortune reported. Lummis and Gallego, both members of the Senate Banking Committee, want the Senate to pass it quickly to show opposition to Bankman-Fried’s campaign for clemency.

Senators reject Bankman-Fried’s argument

According to Fortune, the resolution pushes back on Bankman-Fried’s claim that his prosecution was unfair. Since his conviction, Bankman-Fried has argued that the case against him was politically driven, Fortune reported.

A spokesperson for Lummis told Fortune that Bankman-Fried has increased his effort to win a pardon and that the senator wants him to know she and other lawmakers believe he belongs in prison. Gallego was sharper in a statement to Fortune, saying Bankman-Fried has shown no remorse and has tried to present himself as a victim of “lawfare.”

“What a joke. Keep him locked up,” Gallego said, according to Fortune.

Conviction and clemency bid

Bankman-Fried was convicted in 2023 over the collapse of FTX, the crypto exchange he cofounded. Fortune reported that he was found guilty on seven counts, including fraud and money-laundering conspiracy charges, after prosecutors accused him of directing billions of dollars in customer money from FTX to Alameda Research, his trading firm.

The court sentenced Bankman-Fried to 25 years in prison, Fortune reported. His clemency effort follows setbacks in court, and Fortune described the White House as one of his remaining routes for relief after key appeals were exhausted.

Justice Department public records listed Bankman-Fried’s pardon application as pending as of Wednesday, according to Fortune. His parents have reportedly contacted people close to Trump in an effort to improve his chances, Fortune reported, marking a shift for Bankman-Fried, who was once a major Democratic donor.

As part of that outreach, Bankman-Fried gave an unauthorized prison interview to conservative host Tucker Carlson in March 2025, Fortune reported. The interview came as Trump had granted clemency to several figures tied to crypto and white-collar crime, including Binance founder Changpeng Zhao, Silk Road creator Ross Ulbricht and former private equity executive David Gentile, according to Fortune.

Fortune reported that Bankman-Fried’s prospects still appear limited. When asked about the possibility of a pardon, a White House spokesperson pointed Fortune to Trump’s January remarks, when the president said he had no plans to pardon Bankman-Fried.

This story draws on original reporting from Fortune.