The U.S. Senate unanimously passed a resolution explicitly opposing any pardon or commutation of sentence for FTX founder Sam Bankman-Fried. This statement is not legally binding, but it demonstrates a bipartisan consensus in Congress on this major crypto industry fraud case.

The resolution does not limit presidential power.

The Senate passed S. Res. 772 on Wednesday. Unanimous passage means that the resolution is approved as long as no senator objects.

The resolution targets Bankman-Fried personally and reaffirms the Senate's support for the rule of law and the integrity of the U.S. financial system. However, this measure is symbolic and does not restrict the president's constitutional powers to grant pardons or commutations.

Lawmakers from both parties jointly proposed

The resolution was jointly introduced by Republican Senator Cynthia Lummis and Democratic Senator Ruben Gallego, both key members of the Senate Banking Committee's Digital Assets Subcommittee.

Lummis stated that Bankman-Fried has been given a fair trial. Gallego's statement was more direct, saying the former FTX executive should continue serving his sentence. Lummis's office had previously expressed a similar stance.

The space narrowed after the appeal failed.

Before this decision was made, Bankman-Fried was still trying to overturn his conviction or seek early release. Last month, the federal court upheld his fraud conviction, and his appeal failed.

In January of this year, US President Trump stated that he had no plans to pardon the former FTX CEO. The report also noted that Trump had previously pardoned several prominent figures associated with the crypto industry, including Binance founder Changpeng Zhao, BitMEX co-founder, and Silk Road creator Ross Ulbricht.

Customers lost over $8 billion.

The FTX collapse is considered one of the worst scandals in the history of the crypto industry. Prosecutors say the fraud caused FTX customers to lose more than $8 billion.

Bankman-Fried was subsequently sentenced to 25 years in federal prison. Under the current sentence arrangement, he will most likely not be released until around 2044. With the court, the White House, and the Senate all issuing opposing signals, his chances of obtaining a reduced sentence or pardon through political means have further diminished.