Key Points
- Prosecutors have until March 11 to respond to Sam Bankman-Fried’s motion seeking a new criminal trial, according to a US court order
- The former FTX CEO received a 25-year prison sentence in 2024 after being found guilty on seven felony charges for fraud tied to his exchange’s implosion
- SBF has been sharing pro-Trump content on X from prison through intermediaries, actions many interpret as efforts to secure a presidential pardon
- Senator Cynthia Lummis (Republican) and Senator Elizabeth Warren (Democrat) both dismissed SBF’s public endorsement of the Clarity Act cryptocurrency legislation
- White House officials have confirmed multiple times that President Trump has no plans to grant Bankman-Fried a pardon
Sam Bankman-Fried (SBF), the FTX founder now serving time for fraud, continues to wage battles in court and public opinion—with limited success in either arena.
Judge Lewis Kaplan has established March 11 as the deadline for federal prosecutors to file their response to SBF’s request for a new criminal trial. The order came through a Wednesday document filed in the US District Court for the Southern District of New York.
SBF faced conviction on seven felony charges in 2023. His 25-year prison sentence, handed down in March 2024, stems from his theft of billions in customer funds funneled through his trading operation Alameda Research.
His legal team has submitted an appeal challenging both the guilty verdict and the sentence. The US Court of Appeals for the Second Circuit has yet to deliver a decision as of Thursday.
The motion for a new trial, submitted earlier this month, argues that fresh witness testimony could bolster his defense. This request operates independently from his pending appeal.
From his prison cell, SBF has maintained a social media presence through representatives. His X account has published multiple posts expressing support for President Donald Trump while denouncing what he characterizes as “political bias” influencing his prosecution.
He has also voiced approval for the Clarity Act, a cryptocurrency market structure proposal currently advancing through congressional review. SBF framed the bill’s potential passage as beneficial for Trump’s administration.
The strategy generated immediate backlash. Senator Cynthia Lummis, a Republican known for her crypto-friendly stance, delivered a pointed response on X. “Someone’s looking for a pardon and doesn’t realize the Clarity Act would have you locked up for much longer than 25 years,” she wrote.
Lummis emphasized that her current legislation bears no resemblance to the bill SBF allegedly attempted to shape in 2022. “We do not need — nor want — your support,” she declared.
Senator Elizabeth Warren, a Democrat, also rejected SBF’s backing. She described him as “a fraudster who stole at least $8 billion from customers” and argued that his endorsement of the Clarity Act should “set off alarm bells.”
The Clarity Act’s likelihood of becoming law has declined approximately 16% over the past week, based on prediction market Polymarket data. Current projections place passage probability at 69% before year-end.
SBF’s prospects for receiving a pardon remain bleak. White House representatives have confirmed on several occasions that Trump has no interest in pardoning him, including statements to the New York Times in January and Fortune magazine on Tuesday.
Trump has granted pardons to other cryptocurrency industry figures, such as former Binance CEO Changpeng Zhao and Silk Road creator Ross Ulbricht. Bankman-Fried has received no such consideration.
Caroline Ellison, who served as Alameda CEO and testified against SBF during his trial, gained her freedom in January following 440 days of incarceration. Ryan Salame, who held the position of co-CEO at FTX Digital Markets, received a sentence exceeding seven years and continues serving his time.
At the time of publication, SBF’s appeal remains without a ruling, while the March 11 deadline for the prosecution’s response to his new trial motion holds firm.
