SBF Flip-Flops to GOP Amid Clemency Push
Fallen FTX ex-CEO Sam “SBF” Bankman-Fried has broken his jailhouse silence, revealing a political change of heart as his parents seek a pardon from former President Donald Trump. The news comes as SBF attempts to distance himself from his past and align more with Republican figures who may be sympathetic to his legal woes.
In an interview with The New York Sun, SBF explained that his 2020 donations to the Democratic Party were intended to prevent the faction from taking up the socialist agenda of Bernie Sanders. He has since expressed disappointment with the Biden administration, and said Republicans were “far more reasonable” on policy.
I would describe myself at the time as sort of center-left. And that is no longer the way I identify. It’s not the way I came to identify by 2022,” he said.
SBF also criticized the Democratic Party’s regulatory stance towards cryptocurrency, stating that their policies have strangled innovation and placed unnecessary burdens on the industry. He noted that Republican lawmakers were more open to crypto-friendly regulations, which better aligned with his vision for the industry’s future.
$40M in Political Donations Before FTX’s Collapse
Before FTX fell apart in 2022, SBF had reportedly donated around $40 million to political candidates and PACs in a bid to shape U.S. crypto policy. His parents, Joseph Bankman and Barbara Fried, are now seeking clemency from Trump, who is presently leading the 2024 presidential race.
SBF’s Pardon Prospects Remain Unlikely
Bankman-Fried was sentenced to 25 years in prison on March 28, 2024, for his role in FTX’s collapse. Judge Lewis A. Kaplan, who heard the trial, described SBF’s conduct in the courtroom as “evasive” and concluded the sentence was appropriate for the gravity of his crimes.
White Collar Support Group’s executive director, William Livolsi, is not as optimistic about SBF’s pardon chances, comparing his case with Ross Ulbricht’s. Unlike Ulbricht, whose pardon was turned into a Trump campaign promise, SBF lacks that kind of public backing.
With Trump’s campaign focusing on other criminal justice issues, a request for clemency for Bankman-Fried remains a steep challenge.
