Donald Trump’s latest round of high-profile pardons has sent shockwaves through the financial and crypto industries. On Friday, the former president pardoned Trevor Milton, the founder of Nikola, as well as Arthur Hayes, Benjamin Delo, and Samuel Reed—the three co-founders of BitMex. Now, attention is turning to whether Trump will extend a similar lifeline to Sam Bankman-Fried, the disgraced founder of FTX.
Trump’s Latest Pardons Spark Controversy
Trump’s decision to pardon Milton and the BitMex trio adds to an already controversial list of clemency orders. Earlier this week, he granted full pardons to all January 6 rioters and even floated the idea of a compensation fund for them. These moves have reignited debates over his approach to justice and financial crimes.
Milton, a well-known Republican donor, was serving a four-year sentence for securities fraud tied to the collapse of Nikola, an electric and hydrogen truck startup. Prosecutors accused him of misleading investors about the company’s technology and financial health.
On the same day, Trump pardoned BitMex co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed, who had pleaded guilty to violating the Bank Secrecy Act. The crypto exchange, once a dominant player in derivatives trading, was found to have weak anti-money laundering controls.
The Crypto World Now Watches SBF’s Fate
With these latest pardons, speculation is growing over whether Sam Bankman-Fried (SBF) could be next. The FTX founder is currently serving a 25-year prison sentence for his role in the massive collapse of his crypto empire. His parents have reportedly reached out to Trump, making a direct appeal for clemency.
Bankman-Fried’s legal team argues that his punishment was excessive. Unlike many other financial fraud cases, most FTX customers are on track to receive full repayment, with the FTX estate returning over $16 billion to creditors. This has fueled arguments that his conviction was rushed and that he deserves a second chance.
Trump’s Growing Interest in Crypto
In recent months, Trump has shown a notable shift toward embracing the crypto industry. He has appointed pro-crypto figures to key financial regulatory positions, including within the SEC. He has also launched two crypto projects of his own—Official Trump, a meme coin, and World Liberty Financial (WLFI), a digital asset venture.
This evolving stance could play a role in his decision on Bankman-Fried. Some political analysts believe that granting a pardon could help Trump further cement his standing with the crypto community, a growing and influential bloc of supporters.
A Pardon for SBF? Not Impossible
While there is no official word on a potential pardon for SBF, there are several factors working in his favor:
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Publicity & Influence: He recently sat down for a 40-minute interview with Tucker Carlson, a key Trump ally, potentially to gain sympathy from Trump’s inner circle.
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Financial Restitution: Most creditors are getting their money back, which weakens the argument that his fraud caused irreversible damage.
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Trump’s Crypto Play: Given Trump’s increasing engagement with digital assets, showing leniency toward SBF could align with his broader crypto-friendly approach.
Still, the decision remains unpredictable. Trump has shown that his pardons often follow his own instincts rather than legal precedents. As his term progresses, all eyes will be on whether SBF’s appeals—and his allies’ influence—will be enough to secure a presidential pardon.
