In a recent statement, former President Donald Trump affirmed that he has no plans to extend a pardon to Sam Bankman-Fried, the former CEO of FTX, who is currently serving a lengthy federal prison sentence for one of the most significant financial frauds in U.S. history.
During an interview with The New York Times, Trump addressed the question of whether he would contemplate granting clemency to several high-profile inmates, including Bankman-Fried, who was convicted in 2023 of misappropriating billions of dollars from FTX customers.
Trump characterized his response as one of disinterest in offering clemency, as reported by The New York Times.
This comment effectively concludes months of speculation among cryptocurrency and political analysts regarding Bankman-Fried’s potential for receiving relief from a president known for his vocal criticism of federal prosecutors and his aggressive use of pardon power.
In November 2024, Bankman-Fried was sentenced to 25 years in prison after being found guilty by a New York jury on seven charges, including wire fraud and conspiracy. Prosecutors detailed a scheme orchestrated by Bankman-Fried that diverted customer funds to support his hedge fund, Alameda Research, while portraying FTX as a secure and compliant trading platform.
The fallout from this collapse resulted in billions in lost customer assets and instigated a global regulatory crackdown on cryptocurrency firms.
Pursuit of a Pardon by Sam Bankman-Fried
Following his conviction, Bankman-Fried and his associates have explored various strategies aimed at rehabilitating his public image and opening pathways for clemency.
In early 2024, he participated in a rare jailhouse interview with Tucker Carlson, in which he depicted himself as a misunderstood individual, asserting that FTX customers would have been “made whole” had there been no government intervention.
This interview gained traction among conservative circles and was perceived as a calculated attempt to appeal to media figures aligned with Trump.
Simultaneously, Bankman-Fried’s parents, both law professors at Stanford University, submitted letters to the court advocating for leniency during sentencing, emphasizing their son’s philanthropic intentions and arguing against the appropriateness of a multi-decade prison term.
Although these efforts were not directed explicitly at Trump, they contributed to a comprehensive strategy aimed at framing Bankman-Fried as a flawed but well-meaning individual rather than a criminal mastermind.
Additionally, Bankman-Fried has underscored his shifting political affiliations. Despite being a significant donor to Democrats during the 2022 election cycle, he later claimed to have donated equivalent amounts to Republicans and expressed disenchantment with the Biden administration in subsequent interviews.
These remarks have been widely interpreted as an attempt to distance himself from Democratic strongholds while signaling a willingness to engage with potential avenues for clemency under a Republican administration.
However, Trump has not expressed any public sympathy for Bankman-Fried’s situation. While he has contended that certain allies prosecuted under the Biden administration have been victims of a “weaponized” Justice Department, the circumstances surrounding Bankman-Fried’s case do not align with that narrative. The fraud investigation was initiated prior to Biden’s presidency and was effectively driven by customer losses and internal records from FTX.
It is noteworthy that President Trump did grant a pardon to Binance founder Changpeng Zhao (CZ) in October 2025 for his 2023 guilty plea to money laundering violations. This action was framed by the White House as a cessation of the Biden administration’s “war on cryptocurrency” and a potential pathway for Binance to re-enter the U.S. market.
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