Sam Bankman-Fried’s Parents Meet Lawyers to Secure Trump Pardon for Son

The parents of Sam Bankman-Fried, co-founder of FTX, are reportedly exploring avenues to secure a pardon for their son from President Donald Trump.

Joseph Bankman and Barbara Fried, both professors at Stanford Law School, have held meetings with lawyers and individuals connected to Trump’s circle to discuss clemency for their son, who was recently sentenced to 25 years in prison for fraud.

It remains uncertain if the parents have reached out to the White House directly, according to Bloomberg. The potential involvement of Trump in this matter adds an intriguing twist to the ongoing crypto landscape.

During the 2024 election cycle, the crypto industry heavily supported Trump’s campaign, contributing approximately 48% of all corporate donations. This significant financial backing resulted in the election of 250 pro-crypto members of Congress and 16 pro-crypto senators.

Now that Trump is in the White House, the crypto sector eagerly anticipates the fulfillment of the promises made during his campaign, as covered by PYMNTS in Trump Goes 6 for 8 on Crypto Promises During First Week. Although Trump has not officially mentioned Bitcoin, his recent executive order titled “Strengthening American Leadership in Digital Financial Technology” indicates progress towards addressing the sector’s concerns.

The executive order calls for comprehensive federal crypto regulations, exploration of a national digital asset stockpile and the banning of central bank digital currencies (CBDCs). These actions align with Trump’s promise to establish clear regulations and protect self-custody within the crypto industry.

In a move that pleased the crypto community, Trump pardoned Silk Road founder Ross Ulbricht, fulfilling another campaign promise. Additionally, the repeal of the Biden-era Staff Accounting Bulletin No. 122 by the U.S. Securities and Exchange Commission (SEC) is seen as a crucial step towards increased collaboration between banks and the crypto sector.

However, Trump’s introduction of meme coins, such as $TRUMP and $MELANIA, received mixed reactions from the industry. Critics argue that these tokens distract from the legitimization of financial blockchain use cases and stablecoins, potentially undermining the sector’s credibility.

Despite the initial volatility caused by the meme coins, Trump’s presidency is shaping up to be more pro-growth and pro-innovation, with lighter regulations and a focus on fostering crypto innovation. Venture capital firm Andreessen Horowitz even closed its U.K. office to concentrate on the U.S. crypto sector following Trump’s election, indicating a shift in focus.

Furthermore, Elon Musk, head of the Department of Government Efficiency (DOGE), is reportedly considering blockchain technology to track federal spending and manage government operations. This move highlights the increasing interest in alternative payment solutions and the potential for blockchain to revolutionize various sectors.

As the crypto landscape continues to evolve under Trump’s presidency, the sector eagerly awaits further developments and the realization of the promises made during his campaign. The potential involvement of Trump in securing a pardon for Sam Bankman-Fried adds an intriguing layer to the unfolding crypto narrative.