There is growing talk about a possible presidential pardon for Sam Bankman-Fried, the former FTX founder who was recently found guilty of fraud and money laundering and given a 25-year prison sentence.
His case has led to a lot of discussion, especially because of his large political donations, like a $5.2 million contribution to pro-Biden super PACs in 2020, which makes him the second-largest individual donor to the Democratic Party after Michael Bloomberg.
Past cases, like the pardons of Marc Rich and Paul Pogue, have led to worries about how political donations affect clemency choices. Elon Musk mentioned on social media that Bankman-Fried might get a pardon, which got people talking. Prediction platform Kalshi estimates there’s a 12% chance President Biden will grant clemency.
Biden recently pardoned Michael Conahan, who was part of the “kids-for-cash” scandal, raising worries about the link between political donations and pardons.
Bankman-Fried’s case is made more complex because the campaign finance violation charges were dropped and are not part of his extradition deal with the Bahamas.
The prosecution chose not to pursue extra charges due to overlapping evidence. Some critics say his political ties might give him special treatment. Lawyer Richard W. Painter cautions that a president who gives clemency in this way could be impeached.
Even with the ongoing talks, a presidential pardon is still uncertain. Historical patterns show that influential donors might get clemency, but it’s hard to prove a direct link between donations and pardons.
The crypto community is split. Some think Bankman-Fried’s political connections might help him get out early, while others believe that public attention makes a pardon less likely. His situation highlights the tough choices involved in presidential clemency, as the Biden administration may deal with political and public fallout from any pardon decision.
