Biden Administration’s Stance on Sam Bankman-Fried
The Biden administration has made it clear that former FTX CEO, Sam Bankman-Fried, will not be granted a presidential pardon—even as Bankman-Fried attempts to garner support from former President Donald Trump through various online platforms. A representative from the White House confirmed to reporters that Trump has no intention of offering clemency to the convicted crypto entrepreneur, underscoring the president’s decision.
Current Situation and Social Media Activity
Currently serving a 25-year prison term for fraud and conspiracy linked to the downfall of his cryptocurrency exchange FTX, Bankman-Fried has been active on social media, particularly X, where he has been vocal about his admiration for Trump’s political positions and has been critical of the judge who sentenced him as well as those involved in his legal battles. Many see his online strategy as an effort to influence Trump’s view on potential pardons, which also includes expressing support for certain conservative initiatives while criticizing the policies of the Biden administration, particularly regarding regulations affecting businesses.
“Under Biden, companies were forced offshore…they’re welcome back in America…Insane regulation by Dems: require licenses, refuse to give them out. They literally couldn’t operate in America.”
Trump’s Position on Pardons
Despite these attempts to win favor with Trump, the former president’s position appears unchanged. In January, Trump stated that Bankman-Fried was not on his list of individuals considered for pardons, a group which also notably includes other high-profile names such as former New Jersey senator Robert Menendez and Nicolás Maduro, the former president of Venezuela. The recent White House communication reiterated that Bankman-Fried’s actions have not swayed Trump’s approach to granting clemency.
Shift in Political Alignment
This newfound alignment with Trump is a stark departure from Bankman-Fried’s previous stance as a significant financial supporter of the Democratic Party prior to FTX’s collapse. His recent public relations efforts have generated skepticism among critics, who label his actions as ineffective and reminiscent of “sock-puppet” strategies.
Challenges Ahead
Although Trump has previously issued pardons for various individuals within the cryptocurrency sector, including prominent figures like Changpeng Zhao of Binance and leadership from BitMEX, many political analysts and close aides doubt Bankman-Fried’s chances for a pardon, especially given his contentious reputation and the seriousness of his offenses.
