TLDR
- Federal prosecutors have been given a March 11 deadline to respond to Sam Bankman-Fried’s request for a retrial
- The disgraced FTX founder received a 25-year prison sentence after being found guilty on seven felony charges in 2023
- SBF has been using social media from prison to post Trump-friendly content, an apparent strategy to secure a presidential pardon
- Senators from both parties—Cynthia Lummis (R) and Elizabeth Warren (D)—have publicly rejected SBF’s endorsement of the crypto Clarity Act
- Trump administration officials have consistently denied any plans to pardon the former crypto executive
The disgraced founder of the defunct cryptocurrency exchange FTX, Sam Bankman-Fried (SBF), continues to mount a multi-pronged legal and public relations offensive — with little success on either front.
In a Wednesday court filing, 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 file their response to Bankman-Fried’s motion requesting a new criminal trial.
SBF faced conviction on seven felony charges in 2023. By March 2024, he had received a quarter-century prison sentence for orchestrating a massive fraud that siphoned billions in customer deposits through his hedge fund, Alameda Research.
His legal team has challenged both the guilty verdict and the sentencing terms through an appeal. The US Court of Appeals for the Second Circuit has yet to render a decision as of Thursday.
The motion for a new trial, submitted this month, argues that additional witness testimony has emerged that could bolster his defense. This request operates independently of the existing appeal process.
Simultaneously, the incarcerated former billionaire has maintained an active presence on X through intermediaries. His recent posts have consistently championed President Donald Trump while alleging “political bias” influenced his prosecution.
Bankman-Fried has also publicly endorsed the Clarity Act, pending crypto regulation legislation moving through Congress. He framed the bill’s potential passage as beneficial to the Trump administration.
The strategy proved counterproductive. Senator Cynthia Lummis, a Republican and prominent cryptocurrency supporter, issued a blistering rebuke 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,” the senator wrote.
Lummis emphasized that her current legislation bears no resemblance to the bill SBF reportedly attempted to shape through lobbying efforts in 2022. “We do not need — nor want — your support,” she declared.
Senator Elizabeth Warren, a Democrat, also dismissed his overture. She characterized SBF as “a fraudster who stole at least $8 billion from customers” and warned that his backing of the Clarity Act should “set off alarm bells.”
According to Polymarket, a prediction marketplace, the Clarity Act’s probability of becoming law has decreased approximately 16% over the last seven days. The current forecast shows a 69% chance of passage before year’s end.
Bankman-Fried’s prospects for a presidential pardon look equally bleak. White House representatives have repeatedly stated that Trump has no intention of pardoning him, including statements to the New York Times in January and Fortune on Tuesday.
Trump has granted clemency to other cryptocurrency industry figures, such as Binance founder Changpeng Zhao and Silk Road creator Ross Ulbricht. Bankman-Fried has not received similar consideration.
Caroline Ellison, who led Alameda Research and provided testimony against SBF during his trial, gained her freedom in January following 440 days of incarceration. Ryan Salame, who served as co-CEO of FTX Digital Markets, received a sentence exceeding seven years and remains imprisoned.
At the time of writing, the appellate court has not issued its decision on SBF’s appeal, while the March 11 response deadline for his new trial motion remains in effect.
