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Sam Bankman-Fried’s Parents Seek Presidential Pardon for Their Son: Report
Joseph Bankman and Barbara Fried have engaged with individuals connected to Trump's inner circle to discuss potential clemency for their 32-year-old son.
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What to know:
- Sam Bankman-Fried’s parents are exploring pardon options for the prisoned crypto fraudster.
- Bankman-Fried's FTX went bust in November 2022 after a CoinDesk scoop said the platform's sister concern, Alameda Research, was on shaky financial footing.
- It was later found that Alameda used backdoor code to raid billions in customer funds from FTX — an arrangement helmed by Bankman-Fried and other Alameda founding members.
The parents of prisoned crypto fraudster Sam Bankman-Fried are reportedly exploring how to secure a presidential pardon from President Donald Trump for their son, according to a Bloomberg report.
Joseph Bankman and Barbara Fried, both professors at Stanford Law School and part of FTX’s inner circle, are reportedly engaging with individuals connected to Trump's inner circle, according to the report.
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In recent weeks SBF's parents have tried to engage with the Trump administration to discuss potential clemency for their 32-year-old son, who was handed a 25-year prison sentence after being convicted of fraud. The specifics of whether direct communications with the White House have occurred remain unclear, per Bloomberg.
The appeal for a pardon leans on Trump's recent history of using his clemency powers to free widely-supported individuals, such as Silk Road founder Ross Ulbricht. Unlike Ulbricht, however, Bankman-Fried lacks widespread public support, though he argues his sentence is excessively harsh, especially since most FTX customers have recovered their financial losses.
The recovery is based on the crypto-owned by the customers at the time of FTX's demise.
Bankman-Fried's FTX, formerly the world's third largest crypto exchange, went bust in November 2022 after a CoinDesk scoop said the platform's sister concern, Alameda Research, was on shaky financial footing.
It was later found that Alameda used backdoor code to raid billions in customer funds from FTX — an arrangement helmed by Bankman-Fried and other Alameda founding members.
The once-crypto titan has since been sentenced to 25 years in prison and ordered to forfeit $11 billion after getting convicted of seven counts of fraud, conspiracy, and money laundering.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
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- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Senate Agriculture's crypto market structure draft peppered with Democrat pitches
The latest draft of the major crypto legislation has begun to be targeted with amendments as the Senate Agriculture Committee approaches its hearing next week.
What to know:
- Proposed amendments to the Senate Agriculture Committee's crypto market structure bill have been posted, and the Democrats filing the pitches are seeking to push a number of the points they've sought over months of negotiation.
- Democrat amendments include proposals for banning senior government officials from profiting off of crypto interests and a demand for filling the Commodity Futures Trading Commission before new rules can be put in place.
- The committee's markup hearing for the bill is currently scheduled for next week, though a winter storm threatens the U.S. capital.
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