On Wednesday, the United States Senate adopted a resolution without objection, in which it made it clear that administrative pardons, including pardons or commutations of sentences, should not be granted under any circumstances to the founder of FTX, Sam Bankman-Fried. This statement is not legally binding, but it shows a consistent attitude on the part of the two parties in the case of major fraud in the encryption industry.
The resolution does not restrict the powers of the President.
The resolution, S. Res. 772, was adopted by the Senate. The so-called no-objection adoption means that the bill can be passed directly without an objection from the Senator.
The resolution also reaffirmed the Senate ' s support for the rule of law and the integrity of the United States financial system. However, such resolutions are symbolic and cannot restrict the exercise of the President ' s constitutional right to pardon.
Two-party parliamentarians are working together.
The resolution was promoted by two core members of the Digital Assets Sub-Committee of the Senate Banking Committee, namely Republican Senator Cynthia Lummis and Democratic Senator Rubén Gallego. The resolution was presented on June 17.
Lummis had previously indicated that Bankman-Fried had been given due process in court. Gallego stated more directly that he should continue to be detained.
We'll narrow the space when the appeal fails.
This vote comes at a time when Bankman-Fried continues to seek relief. Last month, the Federal Court upheld the outcome of its fraudulent conviction, which again frustrated its appeal.
United States President Trump also stated in January this year that there were no plans to pardon Bankman-Fried. Although Trump pardoned several individuals associated with the encryption industry, including Zhao Chang Peng, the founders of Bian An, the co-founders of BitMEX Arthur Hayes, Ben Delo, Samuel Reed, and the founder of the Silk Road Ross Ulbricht, no similar signal has been sent to SBF.
FTX has been sentenced to 25 years in prison.
The jury found Bankman-Fried guilty on seven counts in November 2023, all related to the 2022 FTX crash. FTX was one of the largest encryption trading platforms in the world.
The prosecution stated at that time that it was one of the largest financial fraud cases in the history of the United States, with losses to United States clients exceeding $8 billion. Bankman-Fried was subsequently sentenced to 25 years ' imprisonment and was expected to be released at the earliest until 2044.