TLDR
- Federal prosecutors have until March 11 to file their response to Sam Bankman-Fried’s request for a new criminal trial
- The former FTX CEO received a 25-year prison sentence in 2024 following his 2023 conviction on seven felony fraud charges
- SBF has been using social media from prison to express support for Trump, a strategy many interpret as a pardon plea
- Senators from both parties, including Cynthia Lummis and Elizabeth Warren, have rejected his endorsement of cryptocurrency legislation
- White House officials have consistently stated that a presidential pardon for Bankman-Fried is not under consideration
The disgraced founder of the defunct cryptocurrency exchange FTX, Sam Bankman-Fried (SBF), is pursuing multiple strategies to overturn his conviction — yet none appear to be succeeding.
Federal Judge Lewis Kaplan has established March 11 as the deadline for government attorneys to file their response to Bankman-Fried’s motion requesting a new criminal trial. The deadline was set in a court filing submitted Wednesday to the US District Court for the Southern District of New York.
In 2023, SBF was found guilty on seven felony charges. The following March, he received a 25-year prison term for misappropriating billions of dollars from FTX customers through his hedge fund, Alameda Research.
His legal team has challenged both the guilty verdict and the sentencing. The US Court of Appeals for the Second Circuit has yet to deliver a decision on that appeal as of Thursday.
The motion for a new trial, submitted earlier this month, argues that additional witness statements could bolster his defense. This request operates independently from the pending appellate review.
Concurrently, the imprisoned former crypto mogul has maintained a social media presence through intermediaries. His X account has published multiple posts endorsing President Donald Trump while alleging his prosecution was politically motivated.
Bankman-Fried has also publicly backed the Clarity Act, pending crypto regulatory legislation in Congress. He framed the bill’s potential passage as beneficial to the Trump administration.
The strategy proved counterproductive. Senator Cynthia Lummis, a Republican known for supporting cryptocurrency, delivered a pointed 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,” she wrote.
Lummis emphasized that her current legislation bears no resemblance to the bill SBF allegedly attempted to manipulate in 2022. “We do not need — nor want — your support,” the senator declared.
Senator Elizabeth Warren, a Democrat, similarly dismissed his endorsement. 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 the Polymarket prediction platform, the Clarity Act’s likelihood of becoming law has declined approximately 16% over the past seven days. The current probability stands at 69% for passage by year’s end.
Bankman-Fried’s prospects for presidential clemency remain bleak. White House representatives have stated repeatedly that Trump has no plans to consider a pardon, including statements made during a January interview with the New York Times and again in a Tuesday Fortune article.
While Trump has granted pardons to other cryptocurrency industry figures, such as former Binance CEO Changpeng Zhao and Silk Road creator Ross Ulbricht, SBF has not received similar consideration.
Caroline Ellison, who served as Alameda CEO and testified against Bankman-Fried, gained her freedom in January following 440 days of incarceration. Ryan Salame, the former co-CEO of FTX Digital Markets, received a sentence exceeding seven years and continues serving his term.
At the time of this writing, the appellate court has not issued a decision on SBF’s conviction appeal, and the March 11 deadline for the prosecution’s response to his new trial motion remains in effect.
