The US Senate unanimously passed a bipartisan resolution on Wednesday declaring that former FTX founder Sam Bankman-Fried should not receive executive clemency. The nonbinding resolution, S.Res. 772, was introduced by Senators Cynthia Lummis (R-Wyo.) and Ruben Gallego (D-Ariz.), chair and ranking member of the Senate Banking Subcommittee on Digital Assets. The measure reflects rare bipartisan agreement on accountability for one of the largest financial frauds in the crypto industry, following FTX's collapse that resulted in over $8 billion in customer losses and Bankman-Fried's 25-year prison sentence in March 2024.
Senate Resolution Declares No Clemency for Bankman-Fried
The resolution states that Bankman-Fried should not receive a presidential pardon, commutation, or any other form of federal clemency under any circumstances. It affirms that his 25-year prison sentence reflects the extraordinary scale of his crimes, his lack of remorse, and the devastating losses suffered by customers and investors. The resolution also rejects Bankman-Fried's claims that his prosecution amounted to "lawfare," instead reaffirming the integrity of the federal criminal justice process that resulted in his conviction by a unanimous jury.
According to the US Senate Press Gallery, the resolution was adopted by unanimous consent, meaning no senator objected to its passage. A section of the resolution states: "Whereas clemency would erase the conviction of Bankman-Fried, weaken deterrence, and send a deeply damaging message that perpetrators of large-scale financial fraud can escape permanent accountability."
Lawmakers pointed to ongoing FTX bankruptcy proceedings, noting that efforts to compensate victims remain incomplete. The resolution notes that Bankman-Fried reportedly submitted a formal clemency petition following the failure of his appeal, and that the application is pending before the Department of Justice's Office of the Pardon Attorney. The resolution argues that clemency would undermine deterrence for large-scale financial crimes.
Although the measure carries no legal force and cannot prevent a president from granting clemency, the unanimous vote raises the political cost of any future clemency decision by putting the Senate on record as unanimously opposing relief for the convicted former crypto executive.
FTX Collapse Losses Exceed $11 Billion Across Victims
In March 2024, Bankman-Fried was sentenced to 25 years in federal prison and ordered to forfeit $11 billion. The Senate resolution cites findings that FTX customers lost more than $8 billion, equity investors lost over $1.7 billion, and lenders to Alameda Research lost more than $1.3 billion following the exchange's collapse.
The document argues that accountability is essential to maintaining confidence in US financial markets and protecting investors from future misconduct. The resolution does not prevent a future president from granting a pardon or commuting Bankman-Fried's sentence, as executive clemency remains a constitutional presidential power.
FAQ
What did the US Senate resolution on Sam Bankman-Fried declare?
The US Senate unanimously passed resolution S.Res. 772 on Wednesday stating that Sam Bankman-Fried should not receive presidential clemency, including pardon or commutation. The nonbinding resolution was introduced by Senators Cynthia Lummis and Ruben Gallego and passed by unanimous consent with no objections.
How much did victims lose in the FTX collapse?
According to the Senate resolution, FTX customers lost more than $8 billion, equity investors lost over $1.7 billion, and lenders to Alameda Research lost more than $1.3 billion. Bankman-Fried was ordered to forfeit $11 billion when sentenced to 25 years in prison in March 2024.
Can the Senate resolution prevent a presidential pardon for Bankman-Fried?
No. The resolution is nonbinding and carries no legal force. Executive clemency remains a constitutional presidential power, so a future president can still grant a pardon or commute Bankman-Fried's sentence. However, the unanimous Senate vote raises the political cost of any such decision.
