President Donald Trump has drawn a clear line when it comes to one of the most controversial figures in crypto’s short history. In a wide-ranging interview with The New York Times, Trump made it explicit that a presidential pardon for former FTX chief Sam Bankman-Fried is not on the table.
The comment came as Trump addressed a broad mix of political, legal, and economic topics, including questions around high-profile individuals who have either sought or been rumored to seek clemency. When pressed on names circulating in public discourse, Bankman-Fried was included alongside figures from politics, business, and entertainment. Trump’s response left little room for interpretation.
Key Тakeaways
Trump has ruled out a pardon for Sam Bankman-Fried
The decision contrasts with pardons granted to other crypto-linked figures
Trump continues to back crypto as an industry while distancing himself from major fraud cases
A closed door for the former FTX boss
Bankman-Fried is currently serving a 25-year federal prison sentence after being convicted on multiple fraud and conspiracy charges related to the collapse of FTX. Prosecutors successfully argued that billions of dollars in customer funds were misused, turning what was once one of the largest crypto exchanges into one of the most notorious failures in financial history.
Despite ongoing appeals and public-facing efforts to rehabilitate his image, Trump signaled no interest in intervening. The president did not frame the decision as political calculation or legal nuance, but rather treated it as a settled issue.
A complicated political backdrop
The stance is notable given Bankman-Fried’s past political activity. During the 2020 election cycle, he was one of the largest donors backing Democratic causes, contributing millions in efforts aimed at defeating Trump. That history has lingered in the background as speculation occasionally surfaced about whether a pardon might ever be considered.
Over the past year, Bankman-Fried has maintained a presence on X through posts attributed to him but shared by associates. Some of those posts appeared to praise Trump’s past clemency decisions, fueling renewed chatter about a possible outreach strategy. Trump’s comments to the NYT appear to shut that door entirely.
Selective clemency in the crypto space
Trump’s refusal to pardon Bankman-Fried stands in contrast to other crypto-related clemency decisions. During his presidency, Trump has shown willingness to grant pardons to certain high-profile figures connected to the digital asset industry, including former Binance CEO Changpeng Zhao and Silk Road founder Ross Ulbricht.
The distinction suggests that Trump does not view all crypto cases through the same lens. While he has increasingly positioned himself as supportive of the broader crypto industry, that support does not appear to extend to executives convicted of large-scale fraud involving customer funds.
Pro-crypto, but not pro-FTX
During the interview, Trump also defended his public embrace of crypto, arguing that backing the sector resonated with voters and aligned with his broader economic views. He acknowledged that his stance has political benefits and admitted that his exposure to the industry has grown over time.
That support, however, exists alongside significant scrutiny. Trump and his family have direct involvement in several crypto ventures, including World Liberty Financial, a decentralized finance and stablecoin project, as well as a sizable stake in the mining firm American Bitcoin. These ties have become a flashpoint in congressional debates over digital asset regulation.
Still, Trump drew a clear separation between endorsing crypto as an industry and offering leniency to individuals convicted of abusing it.
No signal of reversal
For Bankman-Fried, the message could hardly be clearer. With Trump publicly ruling out clemency and the appeals process still uncertain, the former exchange executive’s path forward appears confined to the courts rather than the Oval Office.
The episode underscores a broader shift in how political leaders are approaching crypto scandals. Support for innovation and digital assets no longer implies tolerance for misconduct, especially when retail investors and customers are left with massive losses.
