President-elect Donald Trump confirmed Thursday he has no plans to pardon Sam Bankman-Fried (SBF).
- The Decision: President-elect Donald Trump confirmed in a New York Times interview that he has no plans to pardon Sam Bankman-Fried, leaving the FTX founder to serve his 25-year sentence.
- The Failed Pivot: The refusal comes days after SBF attempted to align with the administration’s populist rhetoric via social media posts defending Trump's past pardon records—a strategy analysts deem a failure.
- The Support: Industry leaders, including Custodia Bank CEO Caitlin Long, publicly praised the decision, viewing continued accountability for the $8 billion fraud as vital for the crypto sector's reputation.
Trump addressed the matter during an interview with The New York Times as he prepares for his January 20 inauguration. The decision leaves the FTX founder to serve his 25-year federal prison sentence for one of the largest financial frauds in U.S. history.
The President-elect’s comments arrived just days after Bankman-Fried made a public attempt to align himself with the administration’s rhetoric. On Tuesday, Bankman-Fried used his X account to post a series of messages defending Trump’s past pardon decisions.
“Don’t buy their bullshit. This isn’t about the rule of law,” Bankman-Fried wrote in his thread. He claimed that “liberal media” supports dictators simply because Trump opposes them.
He also defended an elected president who brought peace to his country following a Trump-led pardon. Industry analysts viewed the posts as a strategic bid to curry favor with the incoming White House. Trump’s interview on Friday confirms the tactic failed to secure the founder’s release.
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👉 Submit Your PRIndustry Leaders Support the Decision
The confirmation of Bankman-Fried’s continued imprisonment drew immediate support from the digital asset sector. Caitlin Long, founder and CEO of Custodia Bank, voiced her approval on the social media platform X.
“THANK YOU @realDonaldTrump,” Long posted on Thursday. “Pardoning anyone involved with the FTX fraud would truly be a travesty of justice. Thank you for your attention to this matter!”
Long’s sentiment reflects a desire within the crypto community to protect the industry’s reputation. Many builders want to separate the technological potential of blockchain from the criminal actions that led to the 2022 market collapse. Trump’s refusal to intervene provides a sense of finality to a saga that has haunted the sector for years.
Accountability in the New Financial Cycle
Bankman-Fried’s conviction in late 2023 followed a high-profile trial where a jury found him guilty of seven criminal counts. Prosecutors proved the founder misappropriated over $8 billion in customer funds to finance speculative investments and political contributions.
Bankman-Fried continues to pursue an appeal of his conviction through the courts. His legal team argues that the trial court improperly excluded evidence regarding the exchange’s solvency and the founder’s intent.
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