U.S. Senators Cynthia Lummis and Elizabeth Warren have publicly rejected disgraced FTX founder Sam Bankman-Fried’s endorsement of the proposed Clarity Act crypto market structure bill. Bankman-Fried, who is serving a 25-year prison sentence, posted support for the bill via a proxy on social media. Lummis stated his support was neither wanted nor needed, while Warren said his endorsement should “set off alarm bells.” The bill’s odds of passing have recently declined according to prediction markets.
Sam Bankman-Fried’s recent social media endorsement of the Clarity Act has drawn sharp rebukes from U.S. senators across the political spectrum. Both Republican Senator Cynthia Lummis and Democratic Senator Elizabeth Warren separately condemned the imprisoned founder’s statement. The post, which suggested the bill’s passage would benefit President Donald Trump, was widely seen as an attempt to seek a pardon.
Senator Lummis responded on X by suggesting Bankman-Fried was “looking for a pardon and doesn’t realize the Clarity Act would have you locked up for much longer than 25 years.” She emphasized that her legislation differed from what Bankman-Fried tried to influence in 2022 and stated “We do not need—nor want—your support.“
Senator Warren also posted on X, calling Bankman-Fried a “fraudster who stole at least $8 billion from customers.” She argued that any market structure bill must protect investors and the financial system, adding that his endorsement “should set off alarm bells.“
Bankman-Fried was convicted on seven counts of fraud and conspiracy following the 2022 collapse of FTX. President Trump has reportedly already ruled out a pardon for him despite granting clemency to other crypto figures like Binance‘s Changpeng Zhao and BitMEX founder Arthur Hayes. The Clarity Act has seen support from Trump administration officials who argue it provides needed market clarity.
However, the bill’s prospects have recently faltered. According to data from prediction market Polymarket, its odds of being signed into law this year have dropped to 69%. Coinbase previously withdrew its support for the legislation over a provision limiting yield on stablecoin holdings.
