Trump Confirms He Won’t Pardon Sam Bankman-Fried: Crypto’s Fallen Star Faces Full Sentence

No Get-Out-of-Jail-Free Card for SBF.

In a move that sent shockwaves through both political and crypto circles, former President Donald Trump has publicly confirmed he will not issue a presidential pardon to Sam Bankman-Fried. The declaration slams the door on what many saw as the former FTX CEO's last, best hope for early release.

The Final Verdict is In

Bankman-Fried, once hailed as a wunderkind of decentralized finance, was convicted on multiple counts of fraud and conspiracy following the catastrophic collapse of his crypto empire. His sentencing—one of the longest in white-collar history—now stands as the definitive end to his story. Trump's statement removes any lingering speculation about a political Hail Mary, ensuring SBF serves his full term.

A Warning Shot Across the Bow

This isn't just about one man. The message to the broader industry is crystal clear: the era of operating with impunity is over. Regulators and lawmakers globally are watching, and the expectation of accountability has been firmly established. For other crypto founders, it's a stark reminder that building on a foundation of 'creative accounting' can lead to a very real, very concrete prison cell.

The Ripple Effect

The confirmation has immediate implications. It solidifies the legal precedent for prosecuting crypto-related fraud at the highest level. Expect Department of Justice task forces and the SEC to move with even greater confidence. For investors, it's a painful but necessary step toward legitimizing an asset class still haunted by the ghosts of collapsed platforms and vaporized funds—proving that sometimes, the most bullish signal for a market is seeing a fraudster actually face consequences. After all, in traditional finance, they usually just get a fine and a promotion.

Sam Bankman-Fried's legacy is now permanently etched not in blockchain, but in legal code. The man who promised to revolutionize money will spend his time counting the days.

Legal options still open

Even though a pardon from Trump is off the table, Bankman-Fried still has ways to challenge his conviction and sentence through the courts.

In November, the US Court of Appeals for the Second Circuit listened to arguments from SBF’s lawyers who want to overturn the former CEO’s conviction. As of Thursday, the court had not posted any decision to the public record, but a ruling is expected at some point. If the appeals court says no, Bankman-Fried could take one final shot by asking the Supreme Court to review his case.

Caroline Ellison, who got two years in prison, is set to walk free on January 21. Records from the Federal Bureau of Prisons show she was moved in October from a correctional facility in Danbury, Connecticut to an office in New York City that helps inmates transition back into society.

Prediction market shows long odds

Sean Combs, the music producer, is polling at just 8% on Kalshi after Trump explicitly said he wouldn’t pardon him. Bob Menendez isn’t doing much better, the former New Jersey senator sits at 13%, another name Trump ruled out for clemency.

Roger Ver, who goes by “Bitcoin Jesus,” shows up at 18% on the market. Sam Bankman-Fried is way down at 4%.

The prediction market also tracks some other big names Trump didn’t mention in Thursday’s interview. NYC Mayor Eric Adams is at 17%, Edward Snowden at 16%, and Steve Bannon at 15%.

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