• Sam Bankman-Fried has formally submitted a pardon request to President Trump, according to people familiar with the matter.
  • The move comes as the FTX founder continues to pursue appeals and new-trial motions, but clemency represents a separate, high-stakes gambit.
  • Legal experts say such a petition faces long odds, but the political angle around Trump-era clemency in crypto-related cases has drawn intense speculation.

A Hail Mary in the White House

Sam Bankman-Fried, the convicted FTX founder, has taken an extraordinary step: formally applying for a presidential pardon from Donald Trump. The petition, filed with the Justice Department’s Office of the Pardon Attorney, was confirmed by two people briefed on the matter, who spoke on condition of anonymity because the filing is not public.

The request adds a new chapter to a case that has captivated financial and political circles. Bankman-Fried, 34, was convicted in 2023 on fraud charges related to the collapse of FTX, the cryptocurrency exchange he founded. He is currently serving a 25-year sentence at the Metropolitan Detention Center in Brooklyn, where he has maintained his innocence while pursuing appeals.

“We have filed a petition for clemency and are hopeful the president will review the merits of this case,” said a spokesperson for Bankman-Fried, declining to elaborate on the filing’s content. The White House did not respond to requests for comment.

The Pardon Landscape

Presidential clemency for white-collar defendants is rare, and navigating the process is fraught. The pardon attorney’s office reviews petitions and makes recommendations, but final decisions rest with the president. In high-profile financial cases, pardons often require compelling narratives—claims of prosecutorial overreach, flawed evidence, or disproportionate punishment.

“The odds are slim, but not impossible,” said Michael Silva, a former federal prosecutor now in private practice. “A pardon for SBF would be a political statement, given his ties to Democratic donors and the broader crypto backlash.”

Bankman-Fried was a major political donor, contributing millions to Democratic campaigns before FTX’s collapse. His pivot to seeking clemency from Trump—a figure he once criticized—highlights the desperation of his legal situation.

Context and Market Chatter

The petition has sent ripples through crypto markets. Bitcoin rose 2% on the news, with traders interpreting the move as a potential thaw in regulatory hostility under a second Trump administration. However, many analysts caution against reading too much into the filing.

“This is a legal Hail Mary, not a policy signal,” said Carol Nguyen, a crypto analyst at XB Research. “Even if the pardon is granted, it wouldn’t affect existing regulations.”

Still, the clemency bid underscores the strange intersection of finance, politics, and justice. Bankman-Fried’s case has become a symbol of crypto’s boom-and-bust era, and any presidential intervention would mark a dramatic twist.

What’s Next

The pardon petition is separate from ongoing appeals, which are expected to take months or years. In the short term, attention will focus on whether the White House acknowledges the request. A source close to the situation said Bankman-Fried’s legal team has also reached out to intermediaries with ties to Trump’s inner circle, though those efforts have not yielded public results.

For now, Bankman-Fried remains behind bars. His formal appeal is scheduled to be heard by the Second Circuit Court of Appeals in October. If both avenues fail, his sentence stands until 2048.

Correction: An earlier version of this article incorrectly stated that Bankman-Fried had applied for a pardon in 2025. The filing was made in February 2026.