In brief
- Senators from both major parties pushed back against Sam Bankman-Fried’s support of the Clarity Act on social media.
- Wyoming Senator Cynthia Lummis said SBF’s support wasn’t wanted or needed.
- The disgraced crypto founder is serving a 25-year prison sentence for his role in the collapse of FTX.
While some U.S. lawmakers have backed the crypto market structure bill—the Clarity Act—and are seeking broader support, senators from both sides of the aisle made it clear this week that they do not want it from disgraced crypto entrepreneur Sam Bankman-Fried.
The imprisoned founder and former CEO of collapsed crypto exchange FTX had posted on X in support of the bill (via a proxy), but Republican Senator Cynthia Lummis and Democrat Senator Elizabeth Warren separately condemned his message.
“Someone’s looking for a pardon and doesn’t realize the Clarity Act would have you locked up for much longer than 25 years,” Wyoming Senator and crypto advocate Lummis posted on X after a post from Bankman-Fried, also known as SBF, praised the proposed bill and suggested its passage would be a win for President Donald Trump.
“My legislation couldn’t be more different than the bill you tried to buy from Congress over my objection in 2022,” Lummis added. “We do not need—nor want—your support.”
Lummis was joined in opposition to SBF’s post by crypto skeptic and Massachusetts Senator Warren, who said the FTX founder’s endorsement of the bill should “set off alarm bells.”
“Any crypto market structure bill must protect investors, our financial system, and American taxpayers,” posted Warren, further calling Bankman-Fried a “fraudster who stole at least $8 billion from customers using his crypto exchange.”
SBF’s latest social media post continues a recent streak of pro-Trump posts that many view as naked attempts to earn a pardon for his crimes.
The FTX founder was found guilty on seven counts of fraud and conspiracy at his 2023 trial following the November 2022 collapse of the prominent exchange amid a liquidity crisis. In 2024, he was sentenced to 25 years in prison for his role in stealing billions in customer funds via his trading firm Alameda Research.
Despite the push, President Trump has already ruled out chances for a pardon for Bankman-Fried, according to a report from the New York Times.
Last year, Trump granted pardons to multiple crypto personalities, including BitMex founder Arthur Hayes and his colleagues, Binance founder and former CEO Changpeng “CZ” Zhao, and Silk Road creator Ross Ulbricht.
It’s unclear whether Bankman-Fried’s support of the Clarity Act from behind bars will have any impact on the bill’s passing. Odds of it being signed into law have dropped around 16% in the last week, according to prediction market Polymarket, now standing at 69% to be signed before the end of the year.
Members of the Trump administration have been outspoken about the need to get the bill passed, with U.S. Treasury Secretary Scott Bessent recently saying that “clarity on the Clarity bill would give great comfort to the market.”
Last month, prominent crypto exchange Coinbase pulled its support for the bill over a markup that would limit crypto firms from providing yield on stablecoin holdings.
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