SBF Files for Pardon, Sending Ripples Through Crypto Under Trump Administration

Sam Bankman-Fried (SBF), former CEO of crypto exchange FTX, has formally filed a pardon request with the White House, according to a report from Engadget. The information was relayed via Bloomberg, and the application seeks a “pardon after completion of sentence,” not a commutation to reduce the term.

SBF was convicted in 2024 for massive fraud related to FTX’s collapse and sentenced to 25 years in prison. FTX suddenly went bankrupt in November 2022, revealing a series of misconducts including misappropriation of customer funds and false representations as a crypto exchange. The case stands as one of the biggest scandals in crypto industry history, shocking regulators and industry players alike.

Purpose of the Pardon Request

The formal petition submitted by SBF’s side requests a pardon after completion of sentence. Notably, it is not a commutation that would mean early release. This form of application suggests SBF aims to seek full reversal of his conviction.

At the same time, SBF has already filed an appeal against the original verdict and a motion for a new trial. He is pursuing multiple legal strategies simultaneously, including a possible appeal to the Supreme Court, signaling his willingness to fight the case on all fronts.

Relationship with White House Pardon Policy

This move comes against the backdrop of pardon practices under the Trump administration. The White House has previously shown relative leniency toward individuals convicted of crypto-related crimes. A prominent example is Binance founder Changpeng Zhao (CZ). CZ was convicted in 2024 for anti-money laundering (AML) violations and served time, but received a pardon and was released the following year in 2025.

Given this precedent, SBF’s camp appears to be exploring the possibility of a pardon. However, the nature of the crimes differs between CZ and SBF. CZ’s violations involved AML-related registration and reporting failures, while SBF’s crimes involve direct theft of customer funds and misrepresentation, with far more severe damage.

President Trump’s Remarks

In an interview with the New York Times earlier this year, President Trump explicitly stated he had “no plans” to pardon SBF. Furthermore, he reportedly did not even recognize SBF’s name until a reporter mentioned it. This statement indicates the White House is not actively considering SBF’s pardon at present.

However, given that Trump’s past statements and actions have sometimes diverged, the political calculus remains uncertain. The possibility of using a pardon as a signal to the crypto industry cannot be ruled out entirely.

Editorial View

SBF’s pardon request highlights not just a personal legal maneuver but also the deep entanglement between the crypto industry and U.S. politics. The precedent of Binance’s CZ receiving a pardon under the Trump administration has given SBF reason to believe he might have a chance. In the short term, the likelihood of this request being granted is low. With Trump’s public remarks being negative, a presidential pardon would carry significant risk unless tied to electoral strategy or political deals. Instead, SBF’s legal team will likely focus on challenging the factual findings through retrial or appeal. The U.S. Department of Justice’s credibility is also at stake, making it a case unlikely to be overturned easily.

From a long-term perspective, this case could prompt a reexamination of how crypto regulation itself is structured. There are persistent concerns that the exercise of executive pardon power could undermine regulatory effectiveness. Just as Canada’s AI strategy “AI for All” faces the challenge of balancing data protection with adoption, technology regulation always involves tension. SBF’s pardon request poses a question: how much can the judiciary maintain regulatory credibility?

The editorial team offers readers this question: Does pardoning crypto exchange executives contribute to the healthy development of the industry, or does it accelerate moral hazard? This is especially relevant in Japan, where FTX Japan’s bankruptcy and the return of customer assets remain fresh in memory. The impact on the Japanese market should be closely monitored.

References

• Engadget: Sam Bankman-Fried formally applies for a pardon — Published June 8, 2026
• [Bloomberg: Original article (summary)] — June 8, 2026
• [New York Times: President Trump interview] — Early 2026