'Someone's Looking for a Pardon': Senators Rebuke Sam Bankman-Fried's Crypto Bill Support
Senators from both parties have rejected support from Sam Bankman-Fried (SBF), former FTX CEO currently serving a 25-year sentence for fraud, after he publicly endorsed the crypto market structure bill known as the Clarity Act. SBF’s post, seen as an attempt to seek a presidential pardon, was strongly condemned by Republican Senator Cynthia Lummis and Democrat Senator Elizabeth Warren, who emphasized that his endorsement is unwelcome and highlighted his record of fraud. Warren warned that SBF’s support should raise concerns, reiterating the need for any crypto regulation to protect investors and the financial system. President Trump has reportedly ruled out a pardon for SBF, despite pardoning other crypto figures in the past. The bill's likelihood of becoming law has dropped to 69%, with high-profile crypto exchange Coinbase recently withdrawing support over proposed restrictions on stablecoin yields. Treasury Secretary Scott Bessent continues to advocate for regulatory clarity.
