Simply put
- President Trump rules out a pardon for disgraced FTX founder Sam Bankman Fried.
- Mr. Bankman Fried was convicted of fraud and conspiracy related to the misappropriation of billions in customer funds and sentenced to 25 years in prison.
- This decision contrasts sharply with Trump’s past leniency toward other figures in the crypto world, like Silk Road founder Ross Ulbricht and executives with BitMEX and Binance.
President Donald Trump confirmed on Thursday that he would not grant a pardon to Sam Bankman Fried, co-founder of FTX, marking a clear distinction between his crypto-friendly stance and what many see as the industry’s biggest scandal.
In responding to inquiries from reporters, including the New York Times, Trump also commented on pardon requests from other celebrities, such as Sean “Diddy” Combs.
A jury found Bankman Fried guilty in November 2023 of numerous fraud and conspiracy charges tied to the mishandling of billions belonging to FTX customers. He was sentenced to 25 years in March 2024 and has since been appealing his sentence and conviction.
Reports suggest that Bankman Fried’s parents began looking into ways to secure his pardon roughly nine months ago, meeting with various lawyers and individuals believed to have connections to the president.
Interestingly, in the same month he denied Bankman Fried’s pardon, Trump had granted forgiveness to Ross Ulbricht, the mastermind behind the Silk Road darknet marketplace, who is serving a life sentence since 2015.
Furthermore, Trump utilized his executive powers in 2025 to pardon other notable figures in the cryptocurrency sector, including the co-founder of BitMEX and Binance’s Changpeng “CZ” Zhao.
When asked about Zhao’s pardon, White House press secretary Caroline Levitt mentioned that the president expressed he had exercised his “constitutional authority” in response to what he termed a “crypto war” initiated by the Biden administration.
Trump has also stated in a recent interview that he sees no issues with his family pursuing business interests in the cryptocurrency sector during his presidency, arguing that earlier attempts to restrict those activities went unrecognized.
He emphasized that his administration’s backing of cryptocurrencies was motivated by both political strategy and public support, arguing it “won a lot of votes.” He framed crypto as part of a broader competition with China for global dominance, all while downplaying any conflict-of-interest concerns arising from deregulation favoring crypto companies.
In his words, “I gained a lot of support due to my advocacy for virtual currencies. China wanted it, and one of us was going to get it.”
The White House Press Office has been asked for additional comments on this situation.
