U.S. Bipartisan Lawmakers Jointly Propose Resolution: Prohibit Any Presidential Pardon or Sentence Reduction for SBF

: U.S. Senators Rubén Gallego (Democrat, Arizona) and Cynthia Lummis (Republican, Wyoming) have jointly introduced a bipartisan resolution urging Congress to formally oppose FTX founder Sam Bankman-Fried receiving a presidential pardon, commutation, or any other form of federal clemency under any circumstances. The two lawmakers stated that SBF has completed his trial proceedings in court and should not seek further leniency. Gallego described him as showing "no remorse," while Lummis said he should bear the established consequences rather than "chasing a pardon he hasn't received."SBF was convicted by a jury in 2023 on seven counts of fraud and conspiracy related to the FTX collapse. In 2024, he was sentenced to 25 years in prison and ordered to forfeit approximately $11 billion in assets. Customer losses exceeded $8 billion, making the case one of the largest financial frauds in U.S. history.The resolution also responds to SBF's recent filing of a clemency application with the U.S. Department of Justice. Although former President Trump has previously stated he has no intention of granting a pardon, some lawmakers remain concerned about political uncertainty surrounding the process. Currently, prediction markets estimate the probability of SBF receiving a pardon remains in the low single digits. (Decrypt)