TLDR
- Federal prosecutors have until March 11 to file their response to Sam Bankman-Fried’s request for a new criminal trial
- The former FTX CEO received a 25-year prison sentence after being found guilty on seven felony charges in 2023 for fraud tied to his exchange’s collapse
- SBF has been publishing messages supportive of Trump from prison via social media, interpreted by many as an effort to secure executive clemency
- Senators from both parties—Republican Cynthia Lummis and Democrat Elizabeth Warren—dismissed SBF’s endorsement of the Clarity Act cryptocurrency legislation
- White House officials have consistently maintained that a presidential pardon for Bankman-Fried is not under consideration
The disgraced crypto entrepreneur Sam Bankman-Fried (SBF), now serving time for orchestrating one of the largest financial frauds in history, continues his legal campaign from multiple angles—with little success to show.
Judge Lewis Kaplan of the US District Court for the Southern District of New York established March 11 as the response deadline for federal prosecutors to address SBF’s motion requesting a new criminal trial. The order came through a court filing made public Wednesday.
The FTX founder was found guilty on seven felony charges in 2023. By March 2024, he had received a 25-year prison term for misappropriating billions of dollars in customer deposits through his affiliated trading operation, Alameda Research.
His defense team has challenged both the guilty verdict and the sentencing decision. The US Court of Appeals for the Second Circuit has yet to deliver a decision on that appeal as of Thursday.
The motion for a new trial, submitted this month, argues that additional witness statements could bolster his defense. This legal maneuver operates independently from his pending appeal.
At the same time, the imprisoned former billionaire has maintained a social media presence through intermediaries. His X account has published multiple posts expressing support for President Donald Trump while criticizing alleged “political bias” affecting his prosecution.
He additionally voiced approval for the Clarity Act, pending cryptocurrency market structure legislation moving through the congressional process. SBF framed its potential passage as beneficial for the Trump administration.
The strategy proved counterproductive. Senator Cynthia Lummis, a Republican cryptocurrency supporter, delivered a cutting rebuke on X. “Someone’s looking for a pardon and doesn’t realize the Clarity Act would have you locked up for much longer than 25 years,” her post stated.
The senator emphasized that her current legislative effort bears no resemblance to proposals SBF reportedly attempted to shape in 2022. “We do not need — nor want — your support,” Lummis declared.
Senator Elizabeth Warren, a Democrat, similarly rejected the endorsement. She labeled SBF “a fraudster who stole at least $8 billion from customers” and argued his support for the Clarity Act should “set off alarm bells.”
According to Polymarket prediction markets, the probability of the Clarity Act becoming law has declined approximately 16% over the last seven days. Current odds stand at 69% for passage by year’s end.
Prospects for presidential clemency look equally unpromising. White House representatives have stated repeatedly that Trump is not contemplating a pardon, including statements to the New York Times in January and Fortune on Tuesday.
While Trump has granted pardons to other cryptocurrency industry figures—notably former Binance chief executive Changpeng Zhao and Silk Road creator Ross Ulbricht—SBF has not received similar consideration.
Caroline Ellison, the former Alameda Research CEO who provided testimony against SBF, walked free in January following 440 days of incarceration. Ryan Salame, who served as co-CEO of FTX Digital Markets, received a sentence exceeding seven years and remains imprisoned.
At press time, SBF’s appeal remains unresolved, with the March 11 deadline for the prosecution’s response to his new trial motion still in effect.
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