Speculation around President Joe Biden potentially granting a presidential pardon to Sam Bankman-Fried (SBF), the founder of the collapsed crypto exchange FTX, is gaining momentum. Currently serving a 25-year prison sentence, SBF is reportedly pinning his hopes on a pardon to regain his freedom. But is such a move likely?
Presidential Pardon: A Possibility?
The possibility of SBF receiving a pardon has become a heated topic following President Biden’s controversial handling of his son Hunter Biden’s legal troubles. Hunter Biden faced charges related to tax evasion and illegal firearm possession, but President Biden defended him, citing political targeting. This move demonstrated the president’s willingness to use his pardon power in unconventional ways.
Adding fuel to the fire, SBF was one of the largest donors to Joe Biden’s presidential campaign. The Democratic Party also benefited significantly from his generous contributions. These connections have sparked rumors that a pardon for SBF might be on the table. As reported by The Bit Journal, some critics argue that such a decision would be more about political reciprocity than justice.
Allegations of Preferential Treatment
The controversy deepened when the Department of Justice dropped campaign finance charges against SBF, leading to accusations of preferential treatment by the Biden administration. Legal expert John Deaton criticized the move, calling it “unacceptable favoritism.” Meanwhile, tech billionaire Elon Musk shared his perspective, stating, “I wouldn’t be surprised if a pardon happens.”
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If a pardon is granted, it may not only affect SBF but also others involved in the FTX collapse, such as Caroline Ellison and Ryan Selkis. However, no official statement regarding their cases has been made yet.
The Fallout of FTX’s Collapse
Under SBF’s leadership, FTX declared bankruptcy in November 2022, leaving an $8 billion financial hole. Despite significant efforts to recover funds, the company’s reputation remains tarnished. On January 3, 2024, FTX is expected to begin distributing repayments to creditors, offering a glimmer of hope for investors.
A presidential pardon for SBF could have far-reaching implications. It could help restore some faith in FTX’s operations and its future, but it might also draw public outrage over perceived political favoritism. For investors and the cryptocurrency industry as a whole, the decision will likely be a pivotal moment.
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