Disgraced FTX founder Sam Bankman-Fried has ramped up his social media praise for US president Donald Trump while taking aim at former president Joe Biden, just days after Caroline Ellison, the former CEO of Alameda Research, was released from federal custody. Since Bankman-Fried’s February 2025 interview with the New York Sun and March appearance with political commentator Tucker Carlson, many observers say he is aiming to secure a pardon from Trump. A recent post on X echoed that sentiment: “@realdonaldtrump is right on crypto.” Ellison’s release occurred days earlier, after she served 440 days in prison for her role in the 2022 collapse of FTX.

Bankman-Fried calls Trump’s arrest of Maduro “smart” and “gutsy”

In another public endorsement, Bankman-Fried praised what he described as the arrest of Venezuelan President Nicolás Maduro by the Trump administration, calling the move “smart, gutsy, and pro-democracy.” The remarks appear to extend his critique beyond crypto policy and into broader geopolitical events, signaling a willingness to align with Trump’s handling of foreign policy concerns that intersect with crypto governance and sanction regimes.

At the same time, Bankman-Fried cast doubt on the earlier Democratic administration that he once supported with significant political donations. He suggested that a number of party figures held reasonable views on the sector, but he criticized the decision to elevate Gary Gensler to the chairmanship of the U.S. Securities and Exchange Commission (SEC).

“All the world leaders I met were fed up with Biden,” he said, adding that he believed Biden had bungled crypto policy. He argued that he “didn’t have to” accept a single narrative, pointing to “plenty in the party [with] reasonable thoughts.” “But he chose [Gary] Gensler for SEC chair,” Bankman-Fried asserted. Gensler’s tenure, marked by a strict interpretive stance toward crypto, was framed by advocates as a regulatory battlefront that pushed many market participants to seek clearer rules or more flexible enforcement. Gensler stepped down in January 2025, ahead of Trump’s inauguration, a shift that immediate observers said could recalibrate the regulatory tone for the sector.

Prediction platform odds for a Bankman-Fried pardon sit at 17%

With a change in administration on the horizon, market observers have started to price in the potential for a political reopening. The successor to Gensler, Paul Atkins, who was sworn in by Trump in April 2025, is widely viewed in crypto circles as more crypto-friendly, a characterization that has fueled speculation about a softer regulatory posture should political winds continue to favor the Republican leadership.

Following the collapse of FTX in November 2022, US authorities extradited Bankman-Fried from the Bahamas to face charges, including money laundering and fraud. A jury convicted the former CEO on seven felony counts in November 2023, and a judge sentenced him to 25 years in prison in March 2024.

In November 2025, Bankman-Fried appealed his conviction and sentence and is awaiting results in the US Court of Appeals for the Second Circuit.

Traders on crypto predictions platform Polymarket currently assign just a 17% chance that Trump will pardon Bankman-Fried before 2027.

Why it matters

The public alignment of a central figure in the FTX saga with a current political heavyweight underscores how crypto policy, enforcement posture, and public perception remain deeply entangled with political calculations. For investors and builders in the space, these dynamics translate into fluctuating regulatory risk that can influence fundraising, liquidity, and strategic planning across decentralized finance, exchange platforms, and crypto-infrastructure projects.

As regulatory leadership shifts—from a perceived rigidity under one chair to a more crypto-forward approach under another—the industry will be watching for substantive policy signals. The appointment of Atkins has been interpreted by many market participants as a potential tilt toward clearer pathways for compliant innovation, product development, and capital markets activity within crypto. Yet the ongoing legal saga surrounding Bankman-Fried, including the November 2025 appeal and the potential implications for related cases, injects a continued layer of uncertainty that can dampen or delay large-scale investments until clearer legal horizons emerge.

Beyond the courtroom and courtrooms-to-come, the discourse around pardons, policy debates, and cross-border actions—such as the Maduro-related commentary—illustrates how crypto can become a lens for broader political disagreements. The crypto community, regulators, and policymakers are contending with questions about how to balance innovation with investor protection, how to adjudicate responsibility for past collapses, and how to align enforcement with forward-looking rules that can support growth without compromising safeguards.

What to watch next

Decisions on Bankman-Fried’s appeal by the US Court of Appeals for the Second Circuit, including potential rulings in late 2025 or 2026.
Public statements or regulatory moves from Paul Atkins or the White House related to crypto policy or pardon considerations.
Any updates regarding Ellison’s status and related legal proceedings, including potential settlements or additional charges.
Shifts in market expectations reflected on prediction platforms and liquidity signals as regulatory clarity evolves.

Sources & verification

Bankman-Fried’s February 2025 interview referenced via the New York Sun link in the article and its surrounding context.
March 2025 appearance with Tucker Carlson as part of the public narrative around his pardon prospects.
Ellison’s release from federal custody after 440 days, tied to the 2022–2023 FTX collapse timeline.
Conviction timeline: extradition in 2022, seven felony counts in 2023, 25-year sentence in 2024.
November 2025 appeal filed in the US Court of Appeals for the Second Circuit and Paul Atkins’ April 2025 appointment as SEC chair.
Polymarket’s 17% pardon probability assessment as a market-based gauge of sentiment.