JUST IN: Sam Bankman-Fried's parents explore seeking a pardon from President Trump for their son, Bloomberg reports. pic.twitter.com/FMVUpaEOUf
— Watcher.Guru (@WatcherGuru) January 30, 2025
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Crypto: SBF’s Parents Push for a Presidential Pardon
18h05 ▪
3
min read ▪ by
Getting informed
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Crypto regulation
Sentenced to 25 years in prison for fraud, former FTX exchange CEO Sam Bankman-Fried (known as SBF) could see his sentence overturned? His parents are indeed exploring a bold avenue: seeking a presidential pardon from Donald Trump. A decision that could divide the crypto community and reignite debates about American justice!
The parents of the former king of crypto in search of political support
Since the conviction of fallen crypto billionaire Sam Bankman-Fried in March 2024, his parents have been fighting hard to reduce his sentence. According to a report from Bloomberg dated January 30, they have already consulted with specialized lawyers and Trump’s associates. The goal: to assess the feasibility of a presidential pardon.
This strategic move is reminiscent of the case of Ross Ulbricht, founder of Silk Road. Recently, Trump pardoned him after 11 years in prison. However, SBF’s situation is more delicate.
His trial indeed reveals allegations of massive embezzlement on the FTX cryptocurrency exchange platform. Unlike Ulbricht (whose conviction was perceived as excessive), Bankman-Fried embodies, in the public’s eyes, a symbol of the sudden downfall of a crypto empire built on deceit.
Trump, the new card for white-collar fraudsters?
The election of Donald Trump rekindles hope for many white-collar convicts. According to some cryptocurrency experts, his pro-business approach and affinity with major economic players could work in SBF’s favor.
Indeed, several figures in the crypto industry have already expressed their support for Trump. The fact is that they hope for a more lenient policy towards financial regulations.
However, granting a presidential pardon to Sam Bankman-Fried would be a risky gamble for Trump. Admittedly, this decision could appeal to some crypto investors. Nevertheless, it also risks fueling public resentment against a justice system perceived as more lenient towards economic elites.
The FTX affair continues to fuel the debate, dividing both the crypto community and public opinion. It remains to be seen whether Trump will take the risk of getting involved in one of the biggest financial scandals of recent years!
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Je m'appelle Ariela et j'ai 31 ans. J'oeuvre dans le domaine de la rédaction web depuis maintenant 7 ans. Je n'ai découvert le trading et la cryptomonnaie que depuis quelques années. Mais c'est un univers qui m'intéresse beaucoup. Et les sujets traités au sein de la plateforme me permettent d'en apprendre davantage. Chanteuse à mes heures perdues, je cultive aussi une grande passion pour la musique et la lecture (et les animaux !)
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.