Senators Cynthia Lummis and Ruben Gallego secured Senate approval by unanimous consent for a resolution declaring that former FTX CEO Sam Bankman-Fried should not receive executive clemency, formalizing the chamber's opposition to any presidential pardon or commutation.
The resolution states that “under no circumstances” should SBF receive executive clemency, including a pardon or commutation, while affirming the Senate's commitment to the rule of law and the integrity of the U.S. financial system, the Senate Press Gallery reported on Wednesday.
The bipartisan measure was introduced on June 17 after Bankman-Fried petitioned for a presidential pardon earlier that month. Lummis said the former FTX executive was trying to avoid the consequences of his conviction. Gallego said he had "shown no remorse" and continued to portray himself as a victim.
Bankman-Fried was convicted by a jury in November 2023 on seven criminal counts tied to the exchange's collapse and was later sentenced to 25 years in prison. Federal prosecutors described the case as one of the largest financial frauds in U.S. history, with American customers losing more than $8 billion.
Despite his conviction, SBF has continued to argue that FTX and Alameda Research were never insolvent and that the exchange could have met customer withdrawals following its November 2022 liquidity crisis. He accused FTX's bankruptcy lawyers and new management of forcing the company into bankruptcy and "decimating" the business.
