With his term as U.S. President ending on January 20th, Joe Biden still possesses the opportunity to grant pardons or commute the sentences for people who have been convicted of federal offenses. Some crypto enthusiasts speculate that he might decide to focus on the creators of Silk Road and FTX.
By January 9th, the cryptocurrency betting platform Polymarket offered a 4% likelihood for President Biden to pardon Sam Bankman-Fried, the former CEO of FTX, and a 2% chance for Ross Ulbricht, the founder of Silk Road, to receive a pardon. At the time of publishing, users had wagered over $5 million on Bankman-Fried’s chances and approximately $1.2 million on Ulbricht’s.
In 2023, Bankman-Fried received a 25-year conviction on seven felony charges linked to fraud at a cryptocurrency exchange. However, he has now filed an appeal. On the other hand, Ulbricht was given a life sentence without parole in 2015 for his involvement with managing a darknet marketplace.
As my time in office nears its end, I made an announcement in December about granting clemency. Specifically, I decided to shorten the sentences of over 1,500 individuals who were confined at home due to the COVID-19 pandemic. This decision, however, has stirred debate and controversy among many. Additionally, I signed a pardon for my son, Hunter, who was facing felony charges connected to the purchase of a firearm. This action too has been met with various viewpoints.
Promises for commuting sentences from Trump
It’s uncertain if President Biden plans to grant any more pardons or reductions of sentences before his term ends, but he has the power to do so for either Ulbricht or Bankman-Fried, or even both. During his campaign, President-elect Donald Trump pledged to commute Ulbricht’s sentence as a key promise to the cryptocurrency sector, but he did not pardon him during his initial term in office.
Neither President Biden nor former President Trump have publicly expressed intentions to pardon Sam Bankman-Fried (SBF), a figure facing criticism from individuals across the political spectrum due to his involvement in the failure of the crypto exchange. On the other hand, it’s been reported that advisers close to Trump were advocating for a pardon for Edward Snowden, the National Security Agency contractor who has lived in Russia since 2013.
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2025-01-10 00:13