Sam Bankman-Fried, former FTX CEO, has shown increased support for Donald Trump on X after Caroline Ellison’s release from prison following her testimony against him.
The alignment with Trump highlights potential shifts in crypto politics, impacting market perceptions amid ongoing debates about regulation and leadership in the industry.
Bankman-Fried Endorses Trump as ‘Right on Crypto’
Sam Bankman-Fried has publicly shown support for Donald Trump on X following Caroline Ellison’s release. Bankman-Fried is serving a 25-year sentence for fraud related to the 2022 FTX collapse, while Ellison served 440 days for her role.
Following Ellison’s release, Bankman-Fried praised Trump as “right on crypto” and criticized Biden’s crypto policies. Previously a centrist donor, he claims to have made significant contributions to Republicans in 2022 during the midterm elections. Here’s a direct quote from Bankman-Fried:
“Why I became a Republican in 2022.” source
Crypto Community Reacts to Bankman-Fried’s Trump Support
Bankman-Fried’s public shift towards Trump has stirred discussions in the cryptocurrency community. His recent statements have also drawn attention to his political contributions, signaling a shift in his public political stance amidst his ongoing legal challenges.
The posts emphasize a divide between crypto regulations under Trump and Biden. Polymarket indicates a 17% chance of Trump pardoning Bankman-Fried by 2027, reflecting ongoing speculation surrounding Bankman-Fried’s potential future legal circumstances.
Trump’s History with Pardoning Crypto Figures
Trump’s pardon history with crypto figures like Changpeng Zhao provides a historical reference. However, despite outreach, a pardon for Bankman-Fried has been explicitly ruled out, indicating a cautious approach by Trump in these matters.
Experts highlight that regulatory shifts under Gary Gensler have drawn criticism and contrast significantly with his successor Paul Atkins’ more friendly stance. Kanalcoin experts suggest that these changes could lead to broader impacts on the cryptocurrency market.
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