Gallego and Lummis Introduce Resolution Disapproving of Any Sam Bankman-Fried Pardon

Bankman-Fried was sentenced to 25 years for defrauding millions in FTX scandal; now seeks presidential pardon WASHINGTON – Today, U.S. Senators Ruben Gallego (D-AZ) and Cynthia Lummis (R-WY) , the top members of the Senate Committee on Banking, Housing, and Urban Affairs’ Subcommittee on Digital Assets, introduced a resolution to express that convicted crypto fraudster Sam Bankman-Fried , the co-founder of FTX, should not receive a presidential pardon, commutation, or any other form of Federal clemency. “Sam Bankman-Fried is a criminal. He took advantage of millions of Americans and stole their savings. Perhaps worst of all, he has shown no remorse for his crimes and has instead tried to laughably claim he is a victim of ‘lawfare.’ What a joke. Keep him locked up,” Senator Gallego said. “Sam Bankman-Fried didn’t lose other people’s billions, he took them and used them to fund his lavish lifestyle, and now he wants a presidential pardon to shield him from the consequences of his own actions,” Senator Lummis said. “He had his day in court. A jury didn’t buy his act, and a judge gave him 25 years for a reason. Mr. Bankman-Fried can spend that time chasing clemency he hasn’t earned, or he can finally do something novel and take accountability, but I’m certainly not interested in helping him avoid responsibility.” Bankman-Fried, who co-founded FTX in 2019, was convicted by a unanimous jury in 2023 to a 25-year prison sentence for wire fraud, securities fraud, commodities fraud, money laundering conspiracy, and other counts. Federal prosecutors at the time described the collapse of FTX as “one of the biggest financial frauds in American history,” with American customers losing more than $8 billion in savings, investments, and livelihoods. Despite his conviction, Bankman-Fried has used his time in prison not to reflect on his crimes and make his victims whole but instead has continued to claim innocence and lobby for clemency—most recently petitioning for a presidential pardon this month. The Gallego-Lummis Resolution puts into the record the Senate’s disapproval of any leniency. Click here to view the senators’ resolution.