Will Biden Early-Release Decision Free FTX Sam Bankman-Fried?

- Concerns Raised Over Early Release of Sam Bankman-Fried - Concerns and Controversy Over President Joe Biden's Pardon Decision [Unblock Media] BeInCrypto reported that concerns have arisen over the potential early release of former FTX founder Sam Bankman-Fried through a pardon by President Joe Biden before his term ends. Influential figures like Elon Musk have mentioned the serious possibility of a pardon. Questions have been raised about whether Bankman-Fried could leave prison in less than a year after being convicted. The concerns about Sam Bankman-Fried’s potential early release are valid. Looking at past cases, political donors have often been pardoned. However, under the current circumstances, his release within a year seems unlikely. This is because the current government response and legal regulations suggest that pardons are not easily granted. Even though President Joe Biden has the authority to pardon without legal restrictions, the political backlash likely means he would exercise this power cautiously. Sam Bankman-Fried's $5.2 million donation to Biden's presidential campaign also stands out. He was the second-largest individual donor to the Democratic Party, after Michael Bloomberg. Historically, political donors and their associates have had advantageous positions for pardons. For instance, notorious oil trader Marc Rich, who avoided at least $50 million in taxes in 2021, was pardoned on the last day of President Clinton’s term due to his ex-wife’s major donations to the Democratic Party. Paul Pogue was also pardoned by President Donald Trump in 2020, linked to his family's contributions of over $200,000 to Trump’s campaign. Predictive markets like Kalshi have posted on X (formerly Twitter) stating, “Sam Bankman-Fried donated primarily to Democratic campaigns, becoming the second-largest Democratic donor. Now, Biden is 12% likely to pardon him.” These historical controversies suggest that political donors likely receive leniency, supporting the assumption that Sam Bankman-Fried could be on President Biden’s radar. Real evidence suggests that President Biden might show leniency to major criminals. Recently, President Biden pardoned Michael Conahan, who received a 17-year sentence for taking bribes in the “Kids for Cash” scandal, involving private juvenile detention centers. The legal grounds for the pardon were predominantly humanitarian. Conahan’s pardon considered factors beyond political donations, such as health conditions and urgency. This indicates that political contributions alone may not suffice for a pardon. Meanwhile, charges related to campaign finance violations against Sam Bankman-Fried were dropped. One of the controversial points in his trial was the government's omission of campaign finance charges. He initially faced eight criminal charges, including conspiracy to defraud the United States and violating campaign finance laws, but these charges were dropped in July 2023. The Bahamas government did not include campaign finance violations in the extradition request, as per the extradition agreement’s scope and conditions, indicating some charges are not applicable under international law. Earlier this year, Sam Bankman-Fried received a 25-year sentence for multiple counts of wire fraud and money laundering. The FTX collapse resulted in losses of over $16 billion to customers and creditors, erasing more than $100 billion from the cryptocurrency market. It is considered one of the largest financial scandals in U.S. history, making the sentence seem lenient. Princeton University attorney Richard W. Painter stated, "Bankman-Fried and his associates want pardons or commutations in return for campaign contributions stolen from FTX investors. Any president agreeing to this should be impeached for bribery conspiracy." Prosecutors initially sought a 50-year sentence, calling Bankman-Fried’s crimes "historical" in their scale and severity, emphasizing the massive losses to FTX customers and the damaged public trust in the cryptocurrency market. However, the connection between donations and pardons is not always clear. Presidents may have other reasons for issuing pardons, and proving that donations were the sole or primary motivation can be challenging. Studies on the correlation between political donations and pardons highlight the impact of political contributions on legal punishments, emphasizing the need for transparency and fairness in pardon decisions.