US lawmakers warn against presidential pardon for Sam Bankman-Fried

US lawmakers urged President Joe Biden not to pardon Sam Bankman-Fried on March 13, 2024, following his conviction for fraud and conspiracy. Representatives Alexandria Ocasio-Cortez and Ritchie Torres, among others, voiced strong opposition to any potential clemency for the former CEO of cryptocurrency exchange FTX. Bankman-Fried was sentenced to 25 years in prison on March 28, 2024, after being found guilty on seven felony counts, including wire fraud, commodities fraud, securities fraud, and money laundering. The charges stemmed from the collapse of FTX and its sister trading firm Alameda Research, which prosecutors argued involved the misappropriation of billions of dollars in customer deposits. The lawmakers' statements underscore the public and political sentiment against leniency for individuals convicted of financial crimes that have caused significant investor losses. The conviction and sentencing represent a major legal outcome in the cryptocurrency sector's regulatory scrutiny.