Trump Slams the Door on Sam Bankman-Fried Pardon: Crypto’s Golden Boy Left in the Cold
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 definitively rejected pardon pleas for Sam Bankman-Fried. The FTX founder's family reportedly lobbied hard, but Trump's door remained firmly shut—a stark reminder that even billion-dollar connections can't buy clemency.
The Political Calculus Behind the 'No'
This wasn't just about justice; it was political theater. Trump's refusal distances him from the perceived excesses of crypto's old guard, potentially positioning him as a law-and-order figure for the next wave of digital finance. It's a classic pivot—burnishing credibility by sacrificing a fallen icon. After all, aligning with a convicted fraudster is terrible optics, even in an industry that once celebrated 'fake it till you make it' as a business model.
What This Means for Crypto's Future
The message is clear: the era of impunity is over. Regulatory hammers are falling, and political capital won't shield bad actors. For the industry, this is a painful but necessary step toward legitimacy. It forces a reckoning—real innovation requires real accountability, not just clever marketing and a charismatic founder.
One cynical take? The finance world loves a martyr, but only when they're not the ones holding the bag. SBF's downfall is the ultimate cautionary tale: in the end, the political class protects its own reputation, not your portfolio.
TLDR
- President Donald Trump told The New York Times he will not pardon former FTX CEO Sam Bankman-Fried, who is serving 25 years for fraud
- Trump defended his family’s crypto industry connections, saying he received votes for backing crypto and has grown to like it
- Bankman-Fried was sentenced in March 2024 after conviction on seven felony counts related to misusing FTX customer funds
- His parents had reportedly been meeting with lawyers in Trump’s orbit to seek a pardon for their son
- Trump has pardoned other crypto figures including Binance’s CZ Zhao and Silk Road founder Ross Ulbricht
President Donald Trump has ruled out granting a pardon to Sam Bankman-Fried, the disgraced founder of cryptocurrency exchange FTX. Trump made the statement during an interview with The New York Times published Thursday.
President Donald TRUMP told The New York Times that he has no plans to pardon former FTX CEO Sam Bankman-Fried (SBF). SBF was sentenced to 25 years in prison in 2023 on fraud and conspiracy charges and is currently appealing the conviction. He donated $5.2 million to the Biden…
— Wu Blockchain (@WuBlockchain) January 8, 2026
Bankman-Fried is currently serving a 25-year prison sentence for fraud. He was convicted on seven felony counts in March 2024 related to the misuse of customer funds at FTX.
The former CEO has been behind bars since August 2023. A federal judge revoked his bail before his criminal trial began.
During the interview, Trump listed several people he WOULD not pardon. The list included rapper Sean “Diddy” Combs and former New Jersey Senator Robert Menendez.
Trump told reporters he had no intention of helping Bankman-Fried. The president made these comments while discussing his use of clemency powers.
Parents Sought Help From Trump’s Circle
Bankman-Fried’s parents, Barbara Fried and Joseph Bankman, are former Stanford Law School professors. They had reportedly been meeting with lawyers and others in Trump’s orbit.
Their goal was to secure a presidential pardon for their son. These efforts appear to have been unsuccessful.
Bankman-Fried had attempted a media rehabilitation tour in recent months. He focused on building relationships with Republican-friendly outlets and figures.
Reports suggested he tried to emphasize his “good relationship” with Republicans. He also sought connections with right-wing media personalities like Tucker Carlson.
Polymarket users gave only a 6% chance that Trump would pardon Bankman-Fried before 2027. This low probability reflected skepticism about his chances.
Trump Defends Crypto Industry Ties
During the same interview, Trump addressed questions about his family’s cryptocurrency connections. The president and his family have ties to bitcoin mining company American Bitcoin.
They are also connected to World Liberty Financial, the platform behind the USD1 stablecoin. Trump has his own memecoin called Official Trump, which trades at $5.32.
“I got a lot of votes because I backed crypto, and I got to like it,” Trump told The New York Times. He pushed back against suggestions of conflicts of interest.
Other Crypto Pardons Granted
Trump has used his clemency powers to help other figures in the crypto industry. In January, shortly after taking office, he pardoned Silk Road founder Ross Ulbricht.
He also pardoned former Binance CEO Changpeng “CZ” Zhao. Zhao served four months in prison before receiving the pardon.
Trump later said he didn’t know Zhao. He also pardoned the co-founders of BitMEX.
Other FTX executives received lighter sentences than Bankman-Fried. Caroline Ellison, former Alameda Research CEO, and Ryan Salame, former FTX Digital Markets co-CEO, both received substantially less prison time as part of plea deals.
Bankman-Fried is currently awaiting a decision on his appeal from the US Court of Appeals for the Second Circuit. The court heard arguments from his lawyers in November 2024.
