Trump’s Refusal To Pardon Bankman-Fried Strengthens The Need For Crypto Regulation

Donald Trump has refused to grant a pardon to Sam Bankman-Fried, the former CEO of FTX, involved in one of the biggest scandals in crypto history. This decision, far from anecdotal, raises questions about the balance between politics and the crypto industry. It also raises issues about sector regulation and the future of executives accused of fraud, in a context where investor and regulator confidence is already weakened.

Donald Trump’s Statement and Position on Sam Bankman-Fried

In an exclusive interview with the New York Times, Donald Trump ended speculation regarding a potential pardon for Sam Bankman-Fried (SBF), the former CEO of FTX currently imprisoned after his conviction for fraud.

This refusal of pardon, which comes after several months of uncertainty, reflects the firm position of the American president on this highly publicized legal case. While Trump’s connections with the crypto industry fueled rumors of a possible intervention in favor of Bankman-Fried, the president clearly set his limits by rejecting this option.

Here are the main points of this statement and the current situation :

• A refusal of pardon : Trump declared unambiguously : “I am not considering pardoning Bankman-Fried”, putting an end to speculation about a possible presidential favor for the former head of FTX ;

• Reactions and political context : the president also specified that he does not intend to grant pardons to other controversial figures, such as music producer Sean Combs or former New Jersey senator Robert Menendez, which reinforces his firm stance on this matter ;

• Connections with the crypto industry : Trump acknowledged having publicly supported crypto, explaining that it brought him many votes and that he became a supporter, stating: “I’ve had a lot of votes because I supported crypto, and I learned to appreciate it” ;

• A distinction between his investments and SBF’s case : Although he has ties with crypto industry companies, notably the mining company American Bitcoin, Trump clarified that these relationships had no influence on his decision regarding Bankman-Fried, affirming that he was not involved in the legal issues surrounding him.

This statement from Trump marks a decisive turning point in the case, highlighting his lack of involvement and rejection of any presidential intervention in the former FTX executive’s case.

The Implications for the Crypto Industry and Bankman-Fried’s Legal Future

The refusal of a pardon is just another step in the legal journey of Sam Bankman-Fried, and this decision could have repercussions on the perception of the crypto sector, particularly regarding regulation.

The incarceration of Bankman-Fried and the conviction of several of his associates in the FTX case reveal a complex situation that the sector must face. Emblematic figures of the industry are confronted with serious accusations of fraud and mismanagement of funds. Thus, Trump’s refusal to intervene underscores the need to review crypto regulations.

The consequences for Bankman-Fried are not limited to this rejection of a presidential pardon. He is awaiting the outcome of his appeal at the United States Court of Appeals for the Second Circuit. Although the probability of success of this appeal is low, there is still a possibility that the Supreme Court will review his case if the appeal is denied.

Sam Bankman-Fried, abandoned by all after a shocking revelation, now faces an uncertain future. Donald Trump’s decision shows the extent of the rift between politics and the crypto industry. This case could mark the beginning of increased pressure for stricter regulation of the sector.