TLDR
- Prosecutors have a March 11 deadline to respond to Sam Bankman-Fried’s motion seeking a new criminal trial
- After conviction on seven felony fraud counts in 2023, the former FTX CEO was sentenced to 25 years in federal prison
- From behind bars, SBF has attempted to curry favor with Trump through social media posts, widely seen as pardon-seeking tactics
- His endorsement of the Clarity Act cryptocurrency bill was immediately rejected by Senators Elizabeth Warren and Cynthia Lummis
- Trump administration officials have repeatedly confirmed no clemency is being considered for Bankman-Fried
Sam Bankman-Fried (SBF), the fallen cryptocurrency entrepreneur whose FTX exchange collapsed catastrophically, continues fighting for his freedom across multiple legal and political arenas — with remarkably poor results.
US District Court Judge Lewis Kaplan has given federal prosecutors until March 11 to file their opposition to SBF’s request for a new criminal trial, according to a court document filed Wednesday.
The former crypto billionaire was handed a 25-year prison term in March 2024 after a jury convicted him on seven felony counts the previous year. His crimes involved orchestrating a massive fraud scheme that diverted billions in customer funds from FTX to his trading firm, Alameda Research.
Bankman-Fried’s defense attorneys have mounted challenges against both his conviction and sentence. The US Court of Appeals for the Second Circuit has not yet ruled on these appeals as of Thursday.
The new trial motion, filed this month, constitutes a distinct legal avenue from the ongoing appellate process. His lawyers contend that additional witness statements could strengthen his case.
While imprisoned, SBF has continued posting to social media through third parties. His X account has repeatedly published messages praising President Donald Trump and alleging “political bias” tainted his criminal proceedings.
Additionally, he’s voiced public support for the Clarity Act, proposed cryptocurrency regulation currently under congressional consideration. His posts portrayed the legislation’s potential enactment as a win for Trump’s political agenda.
This tactic spectacularly backfired. Senator Cynthia Lummis, a pro-crypto Republican lawmaker, responded sharply on X. “Someone’s looking for a pardon and doesn’t realize the Clarity Act would have you locked up for much longer than 25 years,” she posted.
Lummis stressed the difference between her current legislative efforts and the bill SBF reportedly tried to influence through campaign donations in 2022. “We do not need — nor want — your support,” she declared.
Democratic Senator Elizabeth Warren also spurned SBF’s backing. She described him as “a fraudster who stole at least $8 billion from customers” and cautioned that his Clarity Act endorsement should “set off alarm bells.”
According to prediction market Polymarket, the Clarity Act’s chances of passage have dropped roughly 16% in the last week. The legislation currently shows a 69% likelihood of enactment by year’s end.
Bankman-Fried’s chances of obtaining a Trump pardon appear equally dim. White House spokespeople have repeatedly stated Trump has no intention of granting him clemency, including in comments to the New York Times in January and Fortune magazine this Tuesday.
Although Trump has pardoned other crypto industry personalities — including former Binance CEO Changpeng Zhao and Silk Road creator Ross Ulbricht — SBF has been excluded from such mercy.
Caroline Ellison, the former Alameda Research CEO who testified against SBF at trial, was released from custody in January after serving 440 days. Ryan Salame, who served as FTX Digital Markets co-CEO, is currently serving a sentence exceeding seven years.
As of this writing, SBF’s appeal continues pending, with prosecutors’ March 11 response deadline for his new trial motion approaching.
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