finance
U.S. Senate Passes Nonbinding Resolution Opposing Clemency for FTX Founder
The Senate approved a nonbinding resolution on July 15 declaring that Sam Bankman-Fried should receive no presidential pardon or commutation. The measure passed by unanimous consent after introduction in June by Senators Cynthia Lummis and Ruben Gallego.
Jul 16, 2:00 AM·1m read2 sources
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The U.S. Senate passed S. Res. 772 on July 15 declaring that FTX founder Sam Bankman-Fried should under no circumstances receive a presidential pardon or commutation. The resolution passed by unanimous consent with no senators objecting.
Senators Cynthia Lummis of Wyoming and Ruben Gallego of Arizona led the bipartisan measure, which they introduced on June 17. " Bankman-Fried was convicted in November 2023 on seven counts related to the collapse of FTX. Prosecutors stated that American customers lost more than $8 billion.
He was sentenced to 25 years in prison and is not eligible for release until around 2044. Bankman-Fried lost his appeal when a federal court upheld his fraud conviction in June. President Donald Trump stated in January that he had no plans to pardon Bankman-Fried.
Trump has pardoned Binance founder Changpeng Zhao and Silk Road creator Ross Ulbricht. The resolution is nonbinding and does not limit the president's constitutional pardon power, CoinDesk reported.
