Trump publicly refuses to pardon SBF. What does this mean for the crypto industry?

U.S. President Donald Trump explicitly stated in an interview with The New York Times that he would not consider pardoning FTX founder Sam Bankman-Fried (SBF), the former cryptocurrency giant who was sentenced to 25 years in prison for the collapse of the exchange. SBF was convicted in 2023 on multiple charges including embezzlement of customer funds and financial fraud. With Trump’s pardon door closed, his incarceration and judicial appeal processes will be entirely determined by the court system.

Core of the Event: The Limits of Presidential Pardoning Power

When asked by the reporter whether high-profile inmates might receive presidential pardons, Trump explicitly excluded SBF. Trump stated he has no intention of exercising pardon powers for individuals including SBF. Similarly rejected was musician Shawn Combs, who had written to Trump requesting a pardon. This statement effectively rules out the possibility of SBF receiving a presidential pardon.

In contrast, Trump has in recent years exercised pardoning powers for some political allies or individuals supporting his narrative of “judicial politicization,” but SBF is not within his consideration.

SBF Case Review: A Warning Sign for the Crypto Industry

SBF’s case has become one of the most emblematic criminal cases in the history of the crypto industry. The collapse of FTX in 2022, which resulted in billions of dollars in customer losses, shook the foundation of the entire cryptocurrency sector. In 2023, SBF was convicted on multiple charges including embezzlement and financial fraud. His sentencing and subsequent appeals have been closely watched by the crypto community and regulators.

Analysts point out that Trump’s statement indicates that, in the foreseeable future, the possibility of SBF being released early through a presidential pardon is extremely low. His criminal liability and civil accountability processes will continue, and discussions on compliance and regulation in the crypto industry will also have a lasting impact.

Crypto Market Response: Price Fluctuations and Token Performance

At the time of this political statement, the crypto market is experiencing subtle adjustments. According to Gate data, as of January 9, 2026, Bitcoin’s price hovers around $91,000, with a 24-hour decline of 0.36%. Crypto assets related to Trump show different market performances. As of the latest data, Trump’s personal token OFFICIAL TRUMP (TRUMP) is priced at $5.37.

Notably, WLFI token issued by World Liberty Financial, a platform connected to the Trump family, increased by 1.34% in 24 hours, now trading at $0.17. The platform is pushing forward with its compliance process for its USD1 stablecoin and has submitted a national trust bank license application to the U.S. Office of the Comptroller of the Currency.

The Intersection of Politics and Crypto: Trump’s Cryptocurrency Stance

Despite refusing to pardon SBF, Trump expressed support for cryptocurrencies in the interview: “I got a lot of votes because I support cryptocurrencies, and I’ve started to like it.” This statement reveals the complex stance of the president toward the crypto industry.

Trump and his family indeed have multiple connections to the crypto sector. Besides his personal memecoin TRUMP, he is linked to Bitcoin mining company American Bitcoin and the platform issuing USD1 stablecoin, World Liberty Financial. This seemingly contradictory attitude—rejecting pardon for the main culprit of the industry’s biggest fraud case yet publicly supporting cryptocurrencies—reflects strategic considerations politicians weigh when dealing with this emerging industry.

Market Data Comparison: Performance of Related Assets

To better understand the performance of crypto assets related to Trump’s statement, here are the latest market data for key tokens:

Industry Impact: Future Trends in Regulation and Compliance

Trump’s decision to refuse to pardon SBF sends a clear signal to the crypto industry: even prominent figures will not be exempt from accountability for serious financial crimes. This stance could influence future regulatory attitudes toward the crypto sector. Although Trump has expressed support for cryptocurrencies personally, his administration appears prepared to take a tough stance against illegal activities within the industry.

For crypto exchanges, this event underscores the importance of compliance and transparent operations. As regulatory environments mature, non-compliant practices will be rapidly marginalized, and platforms emphasizing compliance will gain a competitive edge.

Investor Perspective: Long-term Market Influences

From an investor’s perspective, this political statement has limited immediate impact but reflects a trend toward industry maturation. The early “Wild West” phase of the sector is giving way to a more institutionalized and regulated environment. Notably, although SBF will not be pardoned, his appeal is still ongoing. In November 2024, the U.S. Second Circuit Court of Appeals heard arguments from SBF’s lawyers regarding his former CEO conviction, with a final decision yet to be announced. Meanwhile, other individuals involved in the FTX case have received light sentences or are about to be released. For example, former Alameda Research CEO Caroline Ellison was sentenced to two years in prison and is expected to be released on January 21, 2026.

As the crypto market matures, investors are increasingly focusing on project fundamentals, team backgrounds, and compliance status rather than mere hype and celebrity influence. Trump’s statement further reinforces this trend.

As of January 9, 2026, Bitcoin’s price remains above the critical support level of $91,000, while Trump-related token TRUMP stays around $5.37. In Washington D.C., SBF’s legal team continues last-minute efforts for the appeal, but the likelihood of a presidential pardon has dropped from an extremely low 6% to zero. Industry analysts believe this event may mark the end of the “celebrity impunity era” in crypto—no matter one’s industry status, financial crimes will face serious consequences.