President Donald Trump dismissed the idea of pardoning jailed cryptocurrency fraudster Sam Bankman-Fried, according to a report published Thursday.
SBF Won’t Get Reprieve From Trump
During an interview with The New York Times, Trump indicated he has no intention of pardoning high-profile individuals, including Bankman-Fried, music sensation Sean Combs and Nicolás Maduro, the recently deposed Venezuelan leader.
Bankman-Fried, also known as SBF, who once promised to “build the future of finance,” is serving a 25-year sentence, projected to end four years early due to ‘good conduct’ credits.
He was convicted of misappropriating funds from his FTX cryptocurrency exchange customers and using the money for personal expenses, political contributions and venture capital investments.
SBF argues that his conviction was politically driven. His family and supporters had launched a broader campaign for clemency from Trump.
Trump’s Crypto Endorsement
Trump reiterated his support for the cryptocurrency sector during the interview, stating, “I got a lot of votes because I backed crypto, and I got to like it.”
Trump also vowed to establish the U.S. as the “global leader” in the sector. “China wanted it, and one of us was going to get it,” he added.
The Potential Fallout
Trump’s tenure has been defined by his family’s expanding involvement in the cryptocurrency industry, sparking allegations of conflicts of interest and corruption.
World Liberty Financial (CRYPTO: WLFI), a DeFi and stablecoin project listing Trump and his three sons as co-founders.
The family also holds a stake in Bitcoin (CRYPTO: BTC) mining firm American Bitcoin (NASDAQ:ABTC), while the Official Trump (CRYPTO: TRUMP) and MELANIA (CRYPTO: MELANIA) meme coins launched just before Trump took office.
TD Cowen has warned that the Trump family’s ties with the industry could delay the crypto market structure bill.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Recent Comments