Quick Breakdown
- Donald Trump has ruled out a pardon for Sam Bankman-Fried, ending months of speculation.
- Unlike other crypto cases Trump pardoned, FTX’s collapse caused widespread investor losses, limiting political sympathy.
- With clemency off the table, Bankman-Fried’s appeal remains his sole option for relief.
U.S. President Donald Trump has firmly dismissed any possibility of granting clemency to Sam Bankman-Fried, ending months of speculation within crypto and political circles about a potential presidential pardon for the jailed FTX founder.
Trump made the remarks during a wide-ranging interview with The New York Times, where he addressed hypothetical pardons for several high-profile figures. When Bankman-Fried’s name came up, Trump’s response was unequivocal and notably colder than his stance on other crypto-linked cases.
Bankman-Fried’s legal fight continues
Bankman-Fried was convicted by a federal jury in November 2023 on multiple counts of fraud and conspiracy tied to the misuse of billions of dollars in customer funds following FTX’s collapse. In March 2024, a judge sentenced him to 25 years in prison.
The former crypto executive has since appealed both his conviction and sentence, but Trump’s comments suggest that political relief is no longer a realistic avenue.
Despite the conviction, speculation around a pardon persisted. Bloomberg reported in January 2025 that Bankman-Fried’s parents, Stanford Law professors Joseph Bankman and Barbara Fried, had quietly explored clemency options by consulting lawyers and individuals with ties to Trump’s inner circle.
Trump’s track record of crypto pardons
Trump’s rejection of Bankman-Fried stands out because he has previously shown a willingness to pardon figures tied to the crypto industry.
In January 2025, Trump pardoned Ross Ulbricht, the founder of Silk Road, a move applauded by libertarians and parts of the Bitcoin community. He later granted clemency to BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed, who had been convicted of violating the Bank Secrecy Act.
The most controversial decision came in October, when Trump pardoned Binance founder Changpeng “CZ” Zhao. The move drew criticism due to Binance’s extensive regulatory troubles. At the time, White House Press Secretary Karoline Leavitt defended the decision, saying Trump was exercising his constitutional authority and framing Zhao’s prosecution as part of a broader crackdown on crypto under the Biden administration.
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