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President Donald Trump has ruled out a pardon for Sam Bankman-Fried, ending months of speculation around clemency for the jailed FTX founder. Trump delivered the decision during an interview with The New York Times, where he discussed several high-profile clemency cases.
The rejection comes as Bankman-Fried appeals his conviction and 25-year prison sentence tied to the collapse of FTX.
A jury convicted Bankman-Fried in November 2023 of fraud and conspiracy charges linked to billions in misused customer funds. A federal judge sentenced him to 25 years in prison in March 2024, and his appeal remains ongoing. The case drew sustained attention across crypto markets and political circles.
Trump addressed questions about clemency while also discussing unrelated cases, including rapper Sean “Diddy” Combs. In that exchange, Trump gave a blunt response that closed the door on Bankman-Fried’s chances. The answer contrasted with Trump’s recent use of clemency in other crypto-linked prosecutions.
Earlier reports had fueled speculation about outreach efforts tied to the former FTX executive.
In January 2025, Bloomberg reported that Bankman-Fried’s parents sought legal guidance connected to Trump’s circle. Those efforts did not yield public results.
Bankman-Fried’s conviction occurred during the Biden administration, yet investigators launched the probe earlier. Authorities relied on customer losses and internal FTX records rather than political directives. That timeline set his case apart from others Trump has criticized.
Trump’s stance stands out given his recent pardons involving crypto figures.
In January 2025, he pardoned Ross Ulbricht, a move welcomed by libertarian and Bitcoin communities. That decision revived debate over federal crypto prosecutions.
Later, Trump granted pardons to BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed. Those cases centered on Bank Secrecy Act violations tied to the exchange’s operations. Supporters framed the actions as relief from aggressive enforcement.
Trump also pardoned Changpeng Zhao on Oct. 23 following Zhao’s 2023 guilty plea. White House Press Secretary Karoline Leavitt said Trump used constitutional authority to counter a “war on cryptocurrency.” That pardon drew criticism due to Binance’s enforcement history.
Bankman-Fried once ranked among the largest donors to President Biden’s 2020 campaign. He donated $5.2 million to support efforts that opposed Trump at the time. That history reduced expectations of clemency from Trump allies.
Over the past year, Bankman-Fried posted statements on X through a friend. In December, he praised Trump’s pardon of ex-Honduran President Juan Orlando Hernández. He wrote that few deserved clemency more than Hernández.
During the same interview, Trump defended his pro-crypto positioning. He cited voter support while acknowledging his family’s involvement in digital asset ventures. Those ventures include World Liberty Financial and a stake in American Bitcoin.
As Trump backs crypto while denying Bankman-Fried relief, one question lingers: Can any legal appeal change the former FTX founder’s fate?
Also Read: Trump’s Crypto Pardons Spotlighted on California’s New Government Website
President Donald Trump has firmly ruled out a pardon for Sam Bankman-Fried, ending months of speculation. The FTX founder remains incarcerated while pursuing appeals. Trump’s decision contrasts with prior crypto-related pardons and signals clear limits to clemency despite his broader support for the digital asset industry.
