Trump Draws Line at Sam Bankman-Fried: No Pardon for Disgraced FTX Founder Despite Crypto-Friendly Stance

President Trump has made clear he will not extend a pardon to Sam Bankman-Fried, the former FTX founder now serving a 25-year prison sentence. The decision, revealed during an interview with The New York Times on Thursday, marks a notable boundary in Trump’s otherwise pro-cryptocurrency approach.

The SBF Case: Why This Conviction Stands Apart

Bankman-Fried’s conviction carries particular weight within crypto circles. A jury found him guilty in November 2023 on multiple counts of fraud and conspiracy related to the misappropriation of billions belonging to FTX customers. He received his 25-year sentence in March 2024 and has since pursued appeals on both his conviction and sentencing.

The magnitude of the fraud—involving the disappearance of billions in customer assets—appears to have made Sam Bankman-Fried’s case distinct from other crypto-linked figures who have received presidential clemency. Even as Trump has embraced the broader crypto industry, the scale and nature of the FTX collapse seem to have crossed a threshold.

Bankman-Fried’s Family Pursues Clemency Options

Beginning around January 2024, Sam Bankman-Fried’s parents reportedly explored multiple avenues toward securing a presidential pardon. Their efforts included consultations with legal experts and individuals believed to have access to the President’s inner circle. Despite these efforts, the recent statement appears to close this particular door.

Trump’s Selective Crypto Clemency Strategy

Trump’s refusal to pardon Sam Bankman-Fried contrasts sharply with his clemency decisions involving other cryptocurrency-related figures. Earlier this year, he extended pardons to Ross Ulbricht, founder of the Silk Road darknet marketplace who had been incarcerated since 2015, as well as executives from other major crypto platforms.

The President has framed his support for the cryptocurrency industry as both a political and strategic necessity. In his interview, Trump emphasized that backing crypto yielded significant electoral support and positioned the United States in competition with China over technological leadership. “I got a lot of votes because I backed crypto, and I got to like it,” Trump stated, adding that “China wanted it, and one of us was going to get it.”

The Broader Message

Trump’s position on Sam Bankman-Fried suggests that while his administration remains broadly supportive of cryptocurrency as a sector, it will not extend that support to cover the industry’s most egregious cases of fraud. The distinction appears designed to separate legitimate crypto businesses from spectacular collapses like FTX, where customer funds in the billions disappeared.

The decision also comes as Trump’s family business interests expand into crypto ventures—a reality the President addressed directly, arguing that such involvement should not trigger conflict-of-interest concerns and noting that prior administrations received “no credit” for limiting such activities.

Trump’s stance thus appears calibrated: support the industry’s growth and leadership potential while maintaining distance from its most damaging scandals and figures.