Is a Presidential Pardon for SBF on the Horizon?
Talk of a presidential pardon for Sam Bankman-Fried, the ex-FTX CEO, has taken the crypto community by storm. Could it really happen?
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The idea that President Joe Biden could pardon Sam Bankman-Fried has set the crypto world alight. Bankman-Fried, who was sentenced to 25 years in prison for fraud and money laundering, remains a controversial figure in financial circles.
Observers highlight his history of significant donations to the Democratic Party, with estimates suggesting his contributions may have reached hundreds of millions. His political ties are seen as a potential reason behind this rumored clemency.
President Biden’s discretion to pardon without needing to justify his decisions has drawn intense scrutiny, particularly after the high-profile pardon of Hunter Biden. Elon Musk, weighing in on the discussion, amplified the rumors, giving them a level of seriousness that’s hard to ignore.
Many believe such a move might aim to distract from the approaching power transition to Donald Trump. Scheduled for January 20, 2025, Trump’s inauguration coincides with the traditional timeline for presidential pardons, expected to peak in the weeks leading up to the event.
Even with the ongoing speculation, most political traders appear doubtful of such an outcome. Polymarket, a predictions marketplace, estimates only a 16% chance of Joe Biden pardoning Sam Bankman-Fried. This low figure underscores a general consensus among bettors that a pardon is improbable.
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