U.S. Senate Unanimously Passes Resolution Opposing Clemency for FTX Founder Sam Bankman-Fried

Jul 16, 2026

The U.S. Senate unanimously passed Senate Resolution 772 on July 15, 2026, declaring that convicted FTX founder Sam Bankman-Fried should under no circumstances receive a presidential pardon or commutation. Led by Senators Cynthia Lummis and Ruben Gallego, the bipartisan measure reinforces accountability for the 2022 collapse of FTX, which resulted in over $8 billion in lost customer funds. Bankman-Fried is currently serving a 25-year prison sentence and is not eligible for release until around 2044.

Senate clemency opposition resolution

▪President Donald Trump stated in January 2026 that he had no plans to pardon Sam Bankman-Fried.
▪The U.S. Senate unanimously approved Senate Resolution 772 on July 15, 2026, opposing any presidential clemency, pardon, or commutation for FTX co-founder Sam Bankman-Fried.
▪Senate Resolution 772 was introduced on June 17, 2026, by Senators Cynthia Lummis and Ruben Gallego.

Bankman-Fried criminal conviction

▪Sam Bankman-Fried was sentenced to 25 years in prison and is not eligible for release until approximately 2044.
▪Sam Bankman-Fried was convicted in November 2023 on seven criminal counts related to the collapse of the FTX cryptocurrency exchange.

FTX collapse

▪The collapse of FTX was accelerated in November 2022 after CoinDesk reported that Alameda Research's assets consisted largely of FTT, a token created by FTX.
▪FTX filed for bankruptcy on November 11, 2022, following a surge in customer withdrawal demands triggered by Binance announcing plans to sell its FTT holdings.

Customer fund losses

▪Sam Bankman-Fried transferred billions of dollars in FTX customer deposits to his affiliated trading firm, Alameda Research, to fund trades, venture investments, political donations, and real estate.
▪The collapse of FTX resulted in the loss of more than $8 billion in customer funds.

Bipartisan congressional response

▪Senator Cynthia Lummis stated that Sam Bankman-Fried had his day in court, while Senator Ruben Gallego demanded that Bankman-Fried remain locked up.
▪Senators Cynthia Lummis and Ruben Gallego, who lead the Senate Banking Committee's digital assets subcommittee, jointly sponsored the resolution to affirm the Senate's commitment to the rule of law.