Elon Musk has again responded to reports that President Joe Biden's administration is considering a presidential pardon for convicted FTX founder Sam Bankman Fried (SBF).
There is significant discussion regarding the possibility of outgoing US President Joe Biden granting an early pardon to the SBF. This came after Wall Street favorite Mob first broke the news that Biden was considering SBF for a presidential pardon.
Notably, this news spread quickly, with prominent figures like Elon Musk sharing their views on the issue. As previously reported, Musk, the founder of Tesla and a major supporter of Dogecoin, commented on the matter, saying he would be shocked if the Biden administration did not grant SBF a presidential pardon.
SBF pardon “will come at a huge cost” — Musk
with follow up commentwas a direct critic of the Biden administration, suggesting that financial considerations could influence a presidential pardon.
Specifically, he claimed that the current administration is “selling” amnesty. As a result, the world's richest man stressed that a presidential pardon for the SBF “will come at a high price.”
This suggests that the SBF camp may be paying a high price to secure an early presidential pardon for Bankman Fried.
This administration is selling amnesty, and that amnesty will sell for a high price.
— Elon Musk (@elonmusk) December 25, 2024
Musk's comments come as no surprise to many, given his continued criticism of the current administration. His skepticism towards the Biden administration led to him supporting Donald Trump, who won the presidency in a landslide.
After President Trump was re-elected, he appointed Musk to head the new Department of Government Efficiency (DOGE), which is tasked with cutting federal spending.
SBF crime and Democratic support
Meanwhile, the crypto community has been scratching its head ever since news broke about a possible presidential pardon for SBF.
It should be recalled that SBF was convicted of committing one of the biggest frauds in the United States. He misappropriated billions of dollars worth of FTX customer funds and used them to fund lavish lifestyles and sponsor political candidates, particularly Democratic politicians. This made him the second-largest donor to Democrats in the 2020 election.
Because of the scale of SBF's crimes, which included wire fraud, money laundering, and several other crimes, U.S. District Judge Lewis Kaplan sentenced him to 25 years in prison and ordered him to forfeit $11 billion.
He has appealed the sentence, but there is speculation that he could be released early through a presidential pardon.
For context, the president of the United States has the constitutional authority to grant pardons for some federal crimes, and Biden is no exception. He has recently exercised this power. granted He granted an unconditional pardon to his son Hunter, who was initially convicted on gun and tax charges.
Notably, he could exert similar sway over the SBF, building on his support in the 2020 elections that brought Biden to power. According to reports, SBF has invested more than $100 million in political contributions from 2020 to 2022, with the Democratic Party emerging as the main beneficiary.
However, it remains unclear whether Biden will pardon SBF before the end of his administration on January 20, 2025.
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