President Donald Trump has firmly ruled out granting a pardon to Sam Bankman-Fried, ending lingering speculation that the former FTX CEO could receive clemency despite his high-profile conviction. The comments came during a wide-ranging interview with The New York Times, where Trump addressed potential pardons for several controversial figures and made it clear that Bankman-Fried would not be among them. Meanwhile, following the news, betting odds on an SBF pardon collapsed from 20% to just 6%, signaling that traders now see clemency as highly unlikely.
Bankman-Fried was convicted by a jury in November 2023 on multiple fraud and conspiracy charges linked to the misuse of billions of dollars in customer funds. In March 2024, he was sentenced to 25 years in prison. While he is currently appealing both the conviction and the sentence, Trump’s remarks make it clear that political relief is not an option.
Speculation around a possible pardon had circulated within crypto circles for over a year. In January 2025, Bloomberg reported that Bankman-Fried’s parents, well-connected Stanford law professors Joseph Bankman and Barbara Fried, had begun exploring potential clemency avenues. Their efforts reportedly included discussions with lawyers and individuals connected to Trump’s political network. Despite these behind-the-scenes efforts, Trump’s latest statement shuts down any remaining hope of executive intervention.
Trump’s refusal stands out because of his past willingness to grant pardons to figures tied to the crypto industry. Earlier in 2025, he pardoned Silk Road founder Ross Ulbricht, a move widely praised by libertarians and Bitcoin advocates. He also extended clemency to BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed following their convictions related to Bank Secrecy Act violations.
Later in October, Trump went even further by pardoning Binance founder Changpeng “CZ” Zhao, a decision that sparked backlash due to Binance’s regulatory history. At the time, the White House defended the move as a legitimate use of presidential authority, framing Zhao’s prosecution as part of an aggressive regulatory stance against crypto under the previous administration.
Bankman-Fried’s situation appears fundamentally different in the public eye. Unlike regulatory-focused cases, the FTX collapse left millions of users facing losses and shook trust across the crypto market. That damage has made public and political sympathy far harder to come by.
Trump acknowledged his own pro-crypto stance during the interview, noting its political value and strategic importance. However, his comments suggest that support for digital assets does not extend to forgiving figures seen as responsible for widespread investor harm.
With the White House door now firmly closed, Bankman-Fried’s only remaining path lies in the judicial system. His appeal continues, but Trump’s remarks signal that any hope of presidential clemency is effectively off the table.
It suggests that cases involving direct consumer losses may be treated differently from regulatory or compliance violations. Future pardon decisions are likely to hinge on perceived harm rather than industry affiliation.
Defendants in fraud or misappropriation cases may face steeper odds for clemency, even under a crypto-friendly administration. Legal outcomes will matter more than political alignment.
While it does not change ongoing bankruptcy proceedings, it reinforces that accountability remains a priority. Some creditors may view it as validation of the seriousness of the misconduct.
Yes. Presidential pardon power is discretionary and not binding on successors, though political and public scrutiny would likely remain intense.
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