The U.S. Senate has unanimously approved S.Res. 772, a bipartisan resolution declaring its opposition to any presidential pardon or commutation for former FTX chief executive Sam Bankman-Fried. The measure was introduced by Senators Ruben Gallego and Cynthia Lummis as Bankman-Fried’s clemency petition remains pending.

Although the resolution does not carry legal force, it sets out a clear Senate position that executive clemency in the case would damage confidence in U.S. financial markets, weaken accountability for major financial crimes, and send the wrong message to people harmed by FTX’s collapse.

Bipartisan vote against clemency

The Senate approved the resolution on July 15 without opposition. In the text, lawmakers said a pardon or commutation for Bankman-Fried would conflict with the principle that financial misconduct should be punished under the same standards that apply to other crimes.

The measure also frames the issue as broader than one individual case. Senators said sparing Bankman-Fried from his sentence could undermine public trust in the rule of law and in the fairness of U.S. financial markets.

Lawmakers point to conviction and sentence

The resolution restates the Senate’s view that Bankman-Fried’s prosecution was legitimate. It cites his conviction on seven criminal counts and the 25-year prison sentence imposed by a federal judge.

Lawmakers also rejected Bankman-Fried’s description of the case as “lawfare.” The resolution points instead to the unanimous jury verdict and the fact that sentencing was carried out by an independent federal judge, presenting those as evidence that the case followed established legal process.

FTX losses remain central to the case

In explaining its stance, the resolution refers to allegations that billions of dollars in customer assets were diverted to Alameda Research. Prosecutors have described the FTX collapse as one of the largest financial frauds in U.S. history.

According to the resolution, the fallout caused major losses for customers, equity investors, and lenders. The Senate measure argues that, given the scale of that harm, Bankman-Fried’s sentence should remain in place rather than be reduced through executive action.

What happens next

Bankman-Fried has pursued clemency, including a formal pardon petition, but the source article says there is no sign that the White House is preparing to grant one. The Senate resolution is nonbinding, meaning it cannot compel action by the president or the Justice Department.

For now, the clemency application remains pending, and any decision by the White House or DOJ is still uncertain. At the same time, proceedings tied to the FTX bankruptcy and victim restitution are continuing, providing the main confirmed next steps surrounding the broader fallout from the exchange’s collapse.

Source: news.bitcoin.com