motion

Million

Billion

Gains

<h3 id="what-to-know">What to Know:</h3>
<ul>
 <li>The Senate unanimously approved a bipartisan resolution opposing any presidential clemency for former FTX CEO Sam Bankman-Fried, reinforcing accountability standards.</li>
 <li>Lawmakers cited Bankman-Fried’s fraud conviction and more than $8 billion in customer losses while rejecting his pardon efforts through Congress.</li>
 <li>Bankman-Fried still disputes FTX’s insolvency and withdrew his new trial motion as legal appeals remain pending before federal courts separately.</li>
</ul>
&nbsp; 
The U.S. Senate has unanimously approved a bipartisan resolution declaring that former FTX CEO Sam Bankman-Fried should never receive executive clemency. The measure, led by Senators Cynthia Lummis and Ruben Gallego, signals strong congressional opposition to any presidential pardon or sentence commutation following his fraud conviction. 
<a href="https://x.com/SenatePress/status/2077521872263033126" rel="noopener noreferrer nofollow">According to the Senate Press Gallery</a>, the Senate adopted the resolution by unanimous consent on Wednesday. The measure states that Bankman-Fried should receive no form of executive clemency under any circumstances. It also reaffirms the Senate’s commitment to upholding the rule of law and protecting confidence in the U.S. financial system. 
Lummis and Gallego introduced the resolution on June 17 after Bankman-Fried sought a presidential pardon earlier that month. Lummis said the former cryptocurrency executive was attempting to avoid the consequences of his criminal conviction. Meanwhile, Gallego said Bankman-Fried had shown no remorse and still portrayed himself as a victim despite the jury’s verdict. 
Also Read: <a href="https://36crypto.com/planb-predicts-bitcoin-could-hit-500k-to-1m-in-current-halving-cycle/" rel="noopener noreferrer nofollow">PlanB Predicts Bitcoin Could Hit $500K to $1M in Current Halving Cycle</a> 
<h2 id="lawmakers-point-to-fraud-conviction-and-ongoing-legal-efforts">Lawmakers Point to Fraud Conviction and Ongoing Legal Efforts</h2>
Federal prosecutors secured Bankman-Fried’s conviction in November 2023 after a jury found him guilty on seven criminal charges linked to the <a href="https://36crypto.com/ftx-withdraws-controversial-motion-on-restricted-jurisdiction-procedure/" rel="noopener noreferrer nofollow">collapse of FTX</a>. The court later sentenced him to 25 years in prison. Prosecutors described the case as one of the largest financial frauds in U.S. history, saying American customers lost more than $8 billion. 
Moreover, lawmakers argued that granting executive clemency could weaken public confidence in financial accountability. The bipartisan resolution reflects the Senate’s position that major financial crimes should carry meaningful legal consequences. 
Despite the conviction, <a href="https://36crypto.com/sam-bankman-fried-claims-political-motive-behind-arrest-cites-lost-sec-texts/" rel="noopener noreferrer nofollow">Bankman-Fried</a> has maintained that FTX and Alameda Research were never insolvent. He argued the companies could have processed customer withdrawals during the liquidity crisis that unfolded in November 2022. 
Additionally, he blamed FTX’s bankruptcy lawyers and the company’s replacement management for forcing the exchange into bankruptcy. He claimed their decisions destroyed the business instead of preserving it. 
Bankman-Fried and members of his family also appealed to President Donald Trump, the current President of the United States, for executive clemency. However, Trump said in January that he had no plans to <a href="https://36crypto.com/john-deaton-rejects-sam-bankman-fried-pardon-talk-as-78b-ftx-claim-emerges/" rel="noopener noreferrer nofollow">pardon the former FTX executive</a>. 
Separately, Bankman-Fried <a href="https://36crypto.com/ftx-withdraws-controversial-motion-on-restricted-jurisdiction-procedure/" rel="noopener noreferrer nofollow">withdrew a motion</a> requesting a new trial after informing U.S. District Judge Lewis Kaplan that he did not expect a fair hearing. His mother, Barbara Fried, had filed the motion on his behalf in March. The withdrawal came without prejudice, allowing the request to be renewed after his direct appeal and related reassignment request received a final decision. 
<h2 id="strong-conclusion-strong">Conclusion</h2>
The Senate’s unanimous action sends a bipartisan message that lawmakers oppose any presidential pardon or sentence commutation for Sam Bankman-Fried. Although his legal appeals remain active, Congress has formally expressed its position that the former FTX executive should serve the sentence imposed following his fraud conviction. 
Also Read: <a href="https://36crypto.com/xrp-whales-buy-70-million-tokens-in-one-week-as-holdings-reach-3-83-billion/" rel="noopener noreferrer nofollow">XRP Whales Buy 70 Million Tokens in One Week as Holdings Reach 3.83 Billion</a> 
The post <a href="https://36crypto.com/us-senate-unites-against-sam-bankman-fried-pardon-as-resolution-gains-approval/" rel="noopener noreferrer nofollow">US Senate Unites Against Sam Bankman-Fried Pardon as Resolution Gains Approval</a> appeared first on <a href="https://36crypto.com" rel="noopener noreferrer nofollow">36Crypto</a>.

US Senate Unites Against Sam Bankman-Fried Pardon as Resolution Gains Approval

Table of Contents

36crypto

Other articles published on Jul 16, 2026

Join our free newsletter for daily crypto updates!