Zinger Key Points
- Trump’s actions contrast with his first term, when most pardons occurred near the end of his presidency rather than early on.
- Bankman-Fried’s legal team argues his sentence is unjust, citing the near-complete recovery of customer funds lost in FTX’s collapse.
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The parents of former FTX CEO Sam Bankman-Fried are pursuing a presidential pardon for their son from Donald Trump, according to a report.
What Happened: Joseph Bankman and Barbara Fried, both Stanford Law professors, have been in discussions with legal experts and individuals within Trump's network regarding possible clemency for their 32-year-old son, who was sentenced to 25 years in prison for fraud, Bloomberg reported.
It remains unclear whether any direct outreach has been made to the White House.
Neither Bankman-Fried's parents nor his legal representatives have commented on these efforts, and the White House has yet to issue any statement on the matter.
Since taking office, Trump has exercised his pardon power extensively, prompting a surge in requests from individuals convicted of financial crimes.
One of his most notable acts was granting clemency to Ross Ulbricht, the founder of Silk Road, who had been serving a life sentence for drug trafficking and money laundering.
Trump's stance on cryptocurrency has shifted significantly over time—from initial skepticism to strong support—which has fueled optimism among convicted figures in the crypto space.
Bankman-Fried, once regarded as a leading figure in the industry before FTX's collapse, may now be looking to capitalize on Trump's changing views as he seeks a pardon.
Unlike Ulbricht, who had broad backing from the libertarian and crypto communities, Bankman-Fried has not received similar widespread support.
However, his defense team has argued that his sentence was overly harsh, particularly given that most FTX customers have recovered their lost funds.
Ryan Salame, a former FTX executive sentenced to over seven years for campaign finance violations and operating an unlicensed money-transmitting business, has also expressed interest in securing a pardon.
Unlike past administrations, Trump has often bypassed the traditional Justice Department clemency process, instead granting pardons based on personal recommendations or political factors.
Why It Matters: Trump's use of pardons differs from his first term, when most clemency decisions were made toward the end of his presidency.
His current approach more closely resembles that of Joe Biden, who issued pardons for political allies and family members before leaving office.
Though Bankman-Fried was previously known as a major Democratic donor, Trump has shown willingness to assist individuals across the political spectrum if he believes they were unfairly prosecuted.
The former president has reportedly considered intervening in the bribery case against New York Mayor Eric Adams, who claimed he was targeted for criticizing Biden's immigration policies.
Adding another dimension to Bankman-Fried's case is the fact that both he and Trump were tried by U.S. District Judge Lewis A. Kaplan.
The same judge who sentenced the FTX founder to 25 years in prison also oversaw Trump's defamation and sexual assault cases brought by journalist E. Jean Carroll.
Both men have accused Kaplan of being biased against them.
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