What happened: Sam Bankman-Fried, the former head of FTX currently serving a 25-year prison sentence for fraud, conspiracy, and money laundering, has formally applied for a presidential pardon. While Bankman-Fried is also appealing his conviction, the pardon request filed with the US Justice Department remains pending. Although Donald Trump has previously indicated he has no intention of granting clemency, the final decision rests with him.
Why it matters: This legal drama keeps the spotlight on the massive FTX collapse. While a pardon wouldn't directly move crypto prices, the legal battles of major industry figures often shape how investors view regulation and the overall stability of the crypto market.
