The parents of Sam Bankman-Fried, the convicted founder of the collapsed FTX exchange, are reportedly seeking a presidential pardon from Donald Trump. Bloomberg reports that Stanford Law Professors Joseph Bankman and Barbara Fried have met with lawyers and figures within Trump’s orbit to discuss clemency for their son.
The Push for Clemency
Bankman-Fried, who was convicted on seven counts of fraud in 2023, is currently serving a 25-year sentence. His conviction stems from the collapse of FTX, one of the most infamous financial scandals in cryptocurrency history. He was found guilty of misappropriating customer funds, deceiving investors, and contributing to the loss of approximately $8 billion in assets.
Despite the ruling, Bankman-Fried has continued to assert his innocence. His legal team is reportedly exploring all possible avenues for relief, including a potential presidential pardon.
Trump’s Crypto Pardons Spark a Wave of Requests
Since returning to office, President Trump has already exercised his pardon power on figures within the cryptocurrency space. Most notably, he pardoned Ross Ulbricht, the founder of the Silk Road darknet marketplace, a decision that fueled optimism among white-collar crypto defendants hoping for clemency.
Jeffrey Grant, who runs a legal and advisory firm for white-collar defendants, revealed that his office has received around 100 inquiries regarding pardons since Trump’s inauguration. “We have been hearing from people in prison, from people recently sentenced who haven’t reported to the Bureau of Prisons yet, from people who have been indicted,” Grant said. “They are looking for somebody who knows somebody.”
What’s Next for Bankman-Fried?
Bankman-Fried is currently being held at the Metropolitan Detention Center in Brooklyn, New York. His parents have not publicly commented on the reports of their pardon efforts.
With Trump’s administration signaling a more lenient stance toward cryptocurrency-related cases, the potential for a pardon remains uncertain. However, given the scale of the FTX collapse and the impact on thousands of investors, any clemency granted to Bankman-Fried is expected to spark significant controversy.
Conclusion
As Trump’s administration reshapes U.S. crypto policy, Bankman-Fried’s case remains a focal point in the debate over justice and accountability in the financial sector. Whether or not he secures a pardon, his legal battle continues to be a defining chapter in the evolving regulatory landscape of digital assets.