Senator Cynthia Lummis (R-Wyo.) and Senator Ruben Gallego (D-AZ) introduced a bipartisan Senate resolution on Wednesday, June 17, 2026, urging former President Donald Trump not to pardon former FTX CEO Sam Bankman-Fried. The four-page resolution expresses the “sense of the Senate” that the convicted founder should under no circumstances receive executive clemency.
This legislative action follows the June 12 decision by the U.S. Court of Appeals for the Second Circuit to uphold Bankman-Fried’s conviction and 25-year prison sentence.
The resolution arrives amid a flurry of legal activity. On June 8, 2026, Samuel Bankman-Fried formally petitioned the Pardon Attorney’s Office of the Justice Department for a presidential pardon, just days before his appeal was denied.
Despite the court’s firm ruling, Bankman-Fried has remained active on social media platforms like X and GETTR, praising the former president’s actions. Senators Lummis and Gallego, both central to the development of the CLARITY Act, are now using this resolution to apply political pressure regarding digital asset ethics.
Samuel Bankman-Fried was convicted in November 2023 on seven counts related to defrauding FTX customers, lenders, and investors. Prosecutors described the collapse as likely the largest financial fraud of the past decade. The subsequent 25-year sentence and $11 billion forfeiture order were intended to hold the former billionaire accountable for the November 2022 implosion of his exchange, which wiped out billions in customer assets.
Bipartisan resolution opposes clemency for Samuel Bankman-Fried
The resolution introduced on Wednesday is non-binding but carries significant weight as the Senate weighs future crypto market structure. Senator Cynthia Lummis argued that the judicial process has already been exhaustive and fair. “He had his day in court,” Senator Cynthia Lummis stated. “A jury didn’t buy the act, and a judge gave him 25 years for a reason.”
The Wyoming senator added that Bankman-Fried should focus on taking accountability rather than seeking an unearned pardon. “Mr. Bankman-Fried can spend that time chasing clemency he hasn’t earned, or he can finally do something novel and take accountability,” she noted. She made it clear that she has no interest in helping the former executive avoid the consequences of his actions.
Senator Ruben Gallego was equally critical, highlighting the impact on everyday citizens who lost their savings. “He took advantage of millions of Americans and stole their savings,” Senator Ruben Gallego said. He pointed out that the former CEO has shown “no remorse” and has instead claimed to be a victim of what Bankman-Fried calls “lawfare.”
The senator dismissed these claims as a “joke” and insisted that Bankman-Fried “should stay in prison.”
Market implications and the CLARITY Act
The push to keep Bankman-Fried behind bars comes as Congress attempts to finalize new rules for digital assets. For those monitoring the Cardano price outlook or broader market stability, the resolution reinforces a legislative environment that prioritizes strict enforcement against fraud. Both senators believe that digital asset ethics provisions must be ironclad to prevent a repeat of the FTX disaster.
By formalizing this opposition, the senators are ensuring that the executive branch remains mindful of the fallout from the FTX collapse. The resolution explicitly notes that Bankman-Fried’s actions led to the theft of savings from millions of Americans.
This stance aligns with broader efforts to regulate the sector, such as recent claims that the CFTC is ready to provide more robust oversight of crypto markets to protect retail investors.
Trump previously stated no plans for a pardon
While the resolution is directed toward former President Donald Trump, the former president has already addressed the issue. In an interview with The New York Times in January 2026, Donald Trump stated he had no plans to pardon Bankman-Fried.
The move by Senators Lummis and Gallego serves to reinforce this position as Bankman-Fried continues to praise Donald Trump’s use of executive power, including the pardon of former Honduran President Juan Orlando Hernández.
The U.S. Court of Appeals for the Second Circuit essentially closed the door on legal remedies for Bankman-Fried on June 12, 2026. The court found no reason to overturn the November 2023 jury verdict. With his legal options exhausted, the former CEO’s only remaining hope rests on a direct executive intervention, which this new Senate resolution is designed to block.
The fallout from FTX fundamentally changed the political landscape for cryptocurrency in Washington. What was once seen as a burgeoning industry with bipartisan support became a cautionary tale of regulatory oversight gaps. The continued focus on Bankman-Fried’s incarceration underscores the Senate’s commitment to ensuring that high-profile financial crimes meet with the full force of the law, regardless of the defendant’s political overtures.
Future of the FTX founder’s 25-year sentence
With the introduction of this four-page resolution, the Senate has signaled that the 25-year sentence should be served in its entirety. The bipartisan nature of the document makes it politically difficult for any administration to grant clemency without facing significant pushback from both sides of the aisle.
The focus for Senator Cynthia Lummis and Senator Ruben Gallego now returns to the CLARITY Act and the surrounding market structure legislation.
For now, Samuel Bankman-Fried remains in federal prison, his $11 billion forfeiture stands, and his recent attempt at a pardon has met with immediate resistance from key legislative leaders. The resolution serves as a formal “sense of the Senate” that the victims of the FTX fraud deserve to see the original sentence upheld.
As the 2026 legislative session continues, the shadow of the FTX collapse remains a primary driver for the rules governing American digital assets.