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
Story comments
Loading comments…