Congress Draws a Line: Bipartisan Stand Against Pardoning Sam Bankman-Fried

Sam Bankman-Fried filed his formal request for a presidential pardon just days ago. The convicted founder of the collapsed cryptocurrency exchange FTX now sits in federal prison. He faces 25 years. Yet his bid for clemency has already run into stiff resistance from both sides of the aisle.

Senators Cynthia Lummis, a Wyoming Republican, and Ruben Gallego, an Arizona Democrat, introduced a resolution Wednesday. It urges the executive branch to reject any form of clemency for the onetime crypto billionaire. The measure asserts that his sentence serves the interests of justice. It rejects his claims of an unfair investigation. And it puts Congress on record. Keep him locked up.

The resolution carries symbolic weight. It cannot block a pardon. Presidents hold broad clemency powers. But the move signals clear opposition from key figures on the Senate Banking Committee. Both lawmakers have steered efforts to shape cryptocurrency rules. Their unified stance sends a message. Some offenses stand apart.

“Sam Bankman-Fried has clearly ramped up his pardon campaign, and Senator Lummis wants Fried to know she and her colleagues think he’s exactly where he belongs,” a spokesperson from Lummis’s office told Fortune.

Gallego put it more bluntly. “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.”

Bankman-Fried’s conviction stemmed from one of the largest financial frauds in U.S. history. In 2023 a jury found him guilty on seven counts. These included fraud and money-laundering conspiracies. He had diverted billions in customer deposits from FTX to prop up his hedge fund Alameda Research. Customers lost everything. The fallout rippled across markets. Trust evaporated.

His 25-year sentence was upheld on appeal earlier this month. Courts rejected his arguments. So he turned to the White House. The Justice Department lists his application as pending. He seeks a pardon after completion of sentence. His family has reportedly lobbied Trump associates. Bankman-Fried himself granted a jailhouse interview to Tucker Carlson last year. He praised the president. He likened his prosecution to political persecution.

But the crypto industry wants distance. Lawmakers who champion digital assets see Bankman-Fried as toxic. His name still clings to the sector’s worst excesses. Republicans in particular worry any association could derail pending legislation.

Sen. Bernie Moreno, a Republican from Ohio and vocal crypto supporter, offered a blunt assessment months earlier. “The guy’s a piece of shit,” he told Politico. “The guy shouldn’t be pardoned. The guy should go to jail for a long, long time.”

Lummis echoed similar sentiments then. “I hope the president doesn’t fall for that. He hurt a lot of people. He should have to spend some time contemplating that.” She has worked to separate legitimate innovation from the fraud that defined FTX. “I worked so hard trying to separate the fraudster from the means he used that I just don’t even want him to rear his ugly head in this argument,” she said. “Because he does muddy the water.”

President Trump has shown willingness to grant clemency in crypto cases. He pardoned Binance founder Changpeng Zhao. He freed Silk Road creator Ross Ulbricht on his second day in office. Those decisions drew little congressional blowback. Bankman-Fried’s situation differs. The scale of harm. The lack of remorse. The direct hit to customer funds. Even pro-crypto voices draw the line here.

Rep. Mike Flood, a Nebraska Republican, captured the sentiment. “He crashed the car, man. He engaged in massive fraud. Wall Street’s not needing him back to fix any problems. He helped us identify a problem by committing a massive amount of fraud — and we rewarded him with a long stay in a federal prison.”

The resolution from Lummis and Gallego aims for quick passage. They plan to seek unanimous consent. Success would deliver a rare bipartisan rebuke. It would underscore that Bankman-Fried’s crimes warrant full accountability. No early exit.

Trump himself signaled reluctance months ago. In comments to The New York Times he indicated no plans to pardon the FTX founder. A White House spokesperson recently pointed back to those remarks when asked about the latest application. Odds remain slim. Yet the public campaign continues. Bankman-Fried’s social media posts, managed through proxies, praise administration policies. They claim FTX was solvent. They portray him as victim.

Such efforts have not swayed Capitol Hill. Lawmakers remember the victims. Billions vanished. Retail investors suffered. The episode stained an entire asset class at a vulnerable moment. Recovery demanded distance from its most infamous face.

Recent coverage reinforces the breadth of opposition. Bloomberg reported senators from both parties urging rejection of the pleas. The nonbinding resolution highlights how even figures central to crypto market structure bills refuse to tolerate clemency. Lummis and Gallego lead those very negotiations. Their joint action carries extra resonance.

Critics argue presidential pardons should not erase accountability for systemic fraud. Especially when restitution remains unpaid. Especially when appeals have run their course. Bankman-Fried had his day in court. Multiple courts. The verdict held.

So the resolution lands at a pivotal time. Crypto legislation advances. Market structure talks intensify. Regulators and lawmakers seek clearer rules. Few want the shadow of FTX to return. Fewer still want its architect walking free.

Bankman-Fried’s parents continue advocacy behind the scenes. Allies push narratives of selective prosecution. None of it has dented the emerging consensus on the Hill. Bipartisan. Direct. Unyielding.

The coming days will test whether the resolution gains full Senate support. Unanimous consent would amplify its voice. Even without it, the introduction alone broadcasts intent. Congress watches. The White House hears. And for now, the message holds firm. Some sentences stand.