Will President Joe Biden Pardon FTX Founder Sam Bankman-Fried?

As a seasoned analyst with decades of experience in political and financial landscapes, I find myself intrigued by the ongoing speculation surrounding a potential Presidential pardon for Sam Bankman-Fried (SBF). The intertwining of politics, finance, and criminal justice systems is a complex tapestry that often leaves more questions than answers.

There’s increasing talk that U.S President Joe Biden might offer an early clemency to Sam Bankman-Fried (SBF), the ex-CEO of collapsed FTX Derivatives Exchange. Convicted for fraudulent activities at FTX, SBF is currently serving a 25-year prison sentence. As speculation swirls on social media, a presidential pardon appears to be his best chance at regaining freedom in the near future. Yet, many wonder if he’ll actually receive it.

Odds of Presidential Pardon for Sam Bankman-Fried

The possibility of a pardon for SBF is linked to a similar leniency previously granted to the President’s son, Hunter Biden, in the past few days. Importantly, Hunter Biden was initially facing potential sentencing for two federal charges: gun ownership violations and tax-related offenses.

As a concerned crypto investor, I find myself reflecting on President Biden’s decision to grant a pardon to his son, Hunter. While the circumstances surrounding this controversial pardon may be divisive, it serves as a stark reminder that any individual facing legal trouble can potentially benefit from a presidential pardon. This power, bestowed upon our leaders, highlights the potential for mercy and forgiveness in our justice system.

As CEO of FTX, Sam Bankman-Fried was among the top contributors to the Joe Biden campaign. It’s worth mentioning that the Democratic Party has been a significant recipient of his charitable giving.

An outcry arose earlier when the Department of Justice (DoJ) abandoned the campaign finance charges related to SBF. This was the first significant advantage that SBF has received from the Joe Biden administration, a fact pointed out by industry leaders like John Deaton, who have expressed concerns over the perceived favoritism shown towards SBF by the Biden administration.

The current situation seems to indicate a strong possibility that Sam Bankman-Fried may receive a complete pardon. This is an assessment that Elon Musk has expressed might not be unexpected if it transpires.

I will be shocked if this doesn’t happen

— Elon Musk (@elonmusk) December 23, 2024

Additionally, President-elect Donald Trump has vowed to shorten the prison term for Ross Ulbricht, who established Silk Road but is currently serving a life sentence within the United States.

What Became of FTX Derivatives Exchange?

The actions taken by Sam Bankman-Fried resulted in the bankruptcy filing of the cryptocurrency exchange in November 2022. Facing a significant deficit exceeding $8 billion, the trading platform has been actively working on strategies to recover the lost funds.

Approximately two years into bankruptcy proceedings, Coingape announced that FTX initiated the debtor repayment plan from January 3 onwards for its creditors.

Currently, Sam Bankman-Fried, Caroline Ellison, and Ryan Selkis are serving various prison terms due to their involvement in the case. It’s uncertain whether they might receive a presidential pardon too.

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2024-12-23 23:34