TLDR
- Federal prosecutors have until March 11 to file their response to Sam Bankman-Fried’s request for a new criminal trial
- The FTX founder received a 25-year prison sentence after being found guilty on seven felony fraud charges in 2023
- SBF has been using social media from prison to express support for Trump, a strategy many interpret as pardon-seeking behavior
- His public backing of the Clarity Act crypto legislation drew swift rejections from Senators Cynthia Lummis and Elizabeth Warren
- White House officials have consistently stated that President Trump has no plans to grant Bankman-Fried clemency
The disgraced crypto mogul behind FTX’s spectacular implosion, Sam Bankman-Fried (SBF), is currently waging battles on multiple legal and political fronts — with little success to show for his efforts.
Judge Lewis Kaplan of the US District Court for the Southern District of New York established March 11 as the deadline for federal prosecutors to submit their response to SBF’s motion requesting a new criminal trial. The deadline was set through a Wednesday court filing.
Following his conviction on seven felony charges in 2023, SBF received a 25-year prison sentence in March 2024. The charges stemmed from his orchestration of a massive fraud that siphoned billions from FTX customer accounts through his affiliated trading operation, Alameda Research.
His legal team has challenged both the guilty verdict and the sentencing decision. The US Court of Appeals for the Second Circuit has yet to deliver its judgment on these appeals as of Thursday.
The motion for a new trial, submitted earlier this month, represents a separate legal strategy from the pending appeal. SBF’s attorneys argue that fresh witness testimony could bolster his defense.
During his incarceration, SBF has maintained a social media presence through intermediaries. His X account has featured multiple posts expressing support for President Donald Trump and condemning what he characterizes as “political bias” influencing his prosecution.
He has also publicly endorsed the Clarity Act, pending crypto regulatory legislation making its way through Congress. In his posts, SBF framed the bill’s potential passage as a political victory for the Trump administration.
The strategy immediately blew up in his face. Senator Cynthia Lummis, a Republican known for championing cryptocurrency legislation, fired back on X with a pointed message. “Someone’s looking for a pardon and doesn’t realize the Clarity Act would have you locked up for much longer than 25 years,” the senator wrote.
Lummis drew a clear distinction between her current legislative work and the bill SBF allegedly attempted to shape through political contributions in 2022. “We do not need — nor want — your support,” she emphasized.
Senator Elizabeth Warren, a Democrat, similarly rejected SBF’s endorsement. She labeled him “a fraudster who stole at least $8 billion from customers” and warned that his support for the Clarity Act should “set off alarm bells.”
The likelihood of the Clarity Act’s passage has declined approximately 16% over the past seven days, based on data from prediction platform Polymarket. The bill now shows a 69% probability of becoming law before year-end.
SBF’s prospects for receiving a presidential pardon look equally bleak. White House representatives have made clear on numerous occasions that Trump isn’t entertaining the possibility, including statements to the New York Times in January and Fortune magazine on Tuesday.
While Trump has granted clemency to other cryptocurrency industry figures — notably former Binance chief executive Changpeng Zhao and Ross Ulbricht, who founded the Silk Road marketplace — SBF has not received such consideration.
Caroline Ellison, who previously led Alameda and provided testimony against SBF during his trial, walked free in January after serving 440 days. Ryan Salame, who served as co-CEO of FTX Digital Markets, is currently serving a sentence exceeding seven years.
At the time of writing, SBF’s appeal remains unresolved, with the March 11 deadline for prosecutors’ response to his new trial motion still in effect.
