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This section captures a floor statement or debate entry. It mentions legislation such as Expressing the sense of the Senate that under no circumstances should Samuel Bankman-Fried receive executive clemency, including a pardon or commutation, and affirming the Senate's commitment to the rule of law and integrity of the United States financial system., committees such as Committee on the Judiciary.
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June 17, 2026
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Download official Senate Record PDFReturn to issue contextCIRCUMSTANCES SHOULD SAMUEL BANKMAN-FRIED RECEIVE EXECUTIVE CLEMENCY,
INCLUDING A PARDON OR COMMUTATION, AND AFFIRMING THE SENATE'S
COMMITMENT TO THE RULE OF LAW AND INTEGRITY OF THE UNITED STATES
FINANCIAL SYSTEM
Mr. GALLEGO (for himself and Ms. Lummis) submitted the following resolution; which was referred to the Committee on the Judiciary:
S. Res. 772
Whereas Samuel Bankman-Fried co-founded FTX, a digital
asset exchange that grew to become one of the largest in the
world in only 3 years after its founding, and Alameda
Research, a digital asset hedge fund, trading on the trust
and confidence of millions of customers and investors
worldwide;
Whereas, on November 2, 2023, a Federal jury in the
Southern District of New York found Bankman-Fried guilty on
all 7 counts with which he was charged, including 2 counts of
wire fraud, 1 count of securities fraud, 1 count of
commodities fraud, 1 count of money laundering conspiracy, 1
count of conspiracy to commit wire fraud on customers, and 1
count of conspiracy to commit wire fraud on lenders;
Whereas Federal prosecutors described the FTX collapse as
“one of the biggest financial frauds in American history”,
in which Bankman-Fried deliberately and secretly diverted
billions of dollars in FTX customer funds to Alameda
Research, which he used as his personal “piggy bank”,
according to the Securities and Exchange Commission;
Whereas, on March 28, 2024, United States District Court
Judge Lewis A. Kaplan sentenced Bankman-Fried to 25 years in
Federal prison and ordered the forfeiture of $11,000,000,000,
finding that FTX customers suffered losses more than
$8,000,000,000, equity investors lost more than
$1,700,000,000, and lenders to Alameda Research lost more
than $1,300,000,000;
Whereas Bankman-Fried and his co-conspirators used stolen
customer funds to purchase luxury real estate in the Bahamas,
provide personal loans to himself and associates, and fund a
lavish lifestyle wholly inconsistent with the interests of
the customers and investors who had entrusted their funds to
FTX;
Whereas Bankman-Fried has refused to accept responsibility
for his crimes, continued to claim innocence and to
characterize his prosecution as “lawfare”, and has spent
his time in prison lobbying for clemency rather than
cooperating with efforts to make victims whole;
Whereas efforts of the FTX bankruptcy estate to compensate
victims remain ongoing, with claims still unresolved;
Whereas Bankman-Fried formally submitted a petition for a
presidential pardon to the Office of the Pardon Attorney of
the Department of Justice in 2026, with the application
listed as “pardon after completion of sentence” and
currently pending in Department of Justice records;
Whereas clemency would erase the conviction of Bankman-
Fried, weaken deterrence, and send a deeply damaging message
that perpetrators of large-scale financial fraud can escape
permanent accountability; and
Whereas the people of the United States, and the millions
of victims who lost savings, investments, and livelihoods to
the FTX fraud, deserve an unambiguous statement from their
elected representatives that Samuel Bankman-Fried is not
above the law and remains fully accountable for his role in
one of the most brazen financial crimes in the Nation's
history and that accountability is essential to maintaining
public confidence in United States financial markets: Now,
therefore, be it
Resolved, That the Senate—
(1) expresses the unambiguous sense of the Senate that
Samuel Bankman-Fried should not, under any circumstances,
receive a presidential pardon, commutation, or any other form
of Federal clemency;
(2) affirms that the 25-year sentence imposed upon Bankman-
Fried reflects the extraordinary scale and deliberateness of
his crimes, his lack of remorse, and the catastrophic harm
inflicted upon millions of victims, and that such a sentence
serves the interests of justice;
(3) rejects any characterization of the FTX prosecution as
“lawfare”, and affirms the integrity of the Federal
criminal justice process that produced Bankman-Fried's
conviction by a unanimous jury and sentence by an independent
Federal judge; and
(4) reaffirms the Senate's commitment to protecting the
integrity of United States financial markets, safeguarding
investors and consumers, holding accountable those who commit
large-scale fraud and theft, and ensuring that the rule of
law applies equally to all persons.