Sam Bankman-Fried, the co-founder and former CEO of collapsed crypto exchange FTX, has in recent months repeatedly called for a retrial in New York, where he was sentenced to 25 years in prison following the company’s 2022 downfall.
Sam Bankman-Fried Praises CLARITY ActHe added that he had supported similar efforts in the past to remove oversight of digital assets from former Securities and Exchange Commission (SEC) Chair Gary Gensler, claiming that Gensler had assisted the Biden administration’s Department of Justice (DOJ) in bringing charges against him.
The lawmakers sought information about the timing of charges filed against Sam Bankman-Fried and his arrest, which occurred shortly before he was scheduled to testify before the House Financial Services Committee.
Lummis Dismisses Pardon Talks“Someone’s looking for a pardon and doesn’t realize the Clarity Act would have you locked up for much longer than 25 years,” the Senator said in her remarks.
Her comments were echoed by some social media users, including one who pointed out that the CLARITY Act includes tougher criminal penalties for fraud, misrepresentation and misuse of customer assets when digital assets are involved.
The CLARITY Act, also known as the broader crypto market structure bill, remains under negotiation. It is currently on hold as representatives from the banking and crypto sectors prepare for another meeting at the White House scheduled for Friday.
Industry participants and administration officials have indicated that progress is being made. Patrick Witt, Executive Director of the President’s Council of Advisors for Digital Assets, described last week’s discussions as “a big step forward.”
Featured image from Fortune, chart from TradingView.com
