Sam Bankman-Fried Says US President Donald Trump Is “Right on Crypto”

Key Insights:

• Sam Bankman-Fried publicly backs Trump’s crypto view despite prison sentence.
• His comments come after Ellison’s release and renewed speculation for a pardon.
• Shift marks a sharp break from past support for Biden-era regulators.

FTX founder Sam Bankman-Fried has doubled down on his public identification with President Donald Trump and distancing himself from former allies. The shift comes as the legal pressure is still high and political calculations become sharper. His resurgence on social media comes after new developments in the overall FTX case, with many observers perceiving the time as no coincidence.

SBF Political Realignment Follows Ellison’s Release

Sam Bankman-Fried increased public political commentary days after Caroline Ellison was released from federal custody. Ellison previously served as chief executive of Alameda Research during the FTX meltdown. She served a 440-day prison sentence related to her involvement in the scandal. Her release has re-ignited attention on outstanding legal and reputational problems surrounding FTX.

Bankman-Fried is still in jail after his conviction on several felony charges. Nevertheless, his public activity has increased, not diminished. The contrast between his visibility and Ellison’s silence has attracted scrutiny. Many analysts believe this moment to be a turning point in his broader public strategy.

The renewed attention is also a result of pending legal proceedings. Bankman-Fried appealed both his conviction and sentence in November 2025. His case is now before the U.S. Court of Appeals for the Second Circuit.

Donald Trump Alignment Replaces Democratic Backing

Bankman-Fried was previously one of the largest donors to Democratic candidates. He backed up political characters linked to stricter financial oversight and regulatory reform. That alignment changed dramatically when FTX collapsed in November 2022. His message these days is clearly now in favor of Republican leadership.

He has praised President Donald Trump’s views on digital assets. The commentary calls out Trump’s more relaxed approach to the cryptocurrency markets. At the same time, Bankman-Fried has criticized former President Joe Biden’s approach to crypto regulation. The contrast highlights a clear political realignment.

Trump came back to office supported by some sections of the crypto industry. Bankman-Fried’s alignment reflects that industry-wide pivot.

Criticism of Biden Era Crypto Regulation

Bankman-Fried has placed a lot of his criticism on regulatory leadership during the Biden administration. He has blamed that period for regulatory uncertainty that he says slowed crypto innovation. The Securities and Exchange Commission was a target of his comments. Enforcement actions increased at that time.

Gary Gensler’s tenure as SEC chair was marked by litigation against crypto firms. Many participants in the industry criticized the approach as unclear.

Gensler resigned in January 2025 before Trump was inaugurated. Paul Atkins assumed the role of SEC chair later. Atkins is considered by many in the crypto industry as being more market-friendly. The change of leadership changed the regulatory expectations across the sector.

Pardon Speculation Increases as Trump Pushes for Pro-Crypto Policies

Speculation has surged about a possible presidential pardon for Bankman-Fried. Observers cite his public praise of Trump as strategic positioning. Trump has made some controversial pardons involving financial crimes in the past. That history remains up for debate in political and crypto circles.

Prediction markets have tried to put some numbers on those expectations. Traders on Polymarket currently put the odds at a 21% chance that Trump will pardon Bankman-Fried before 2027. The odds are still low, but persistent.

At the same time, however, Trump has unveiled a number of crypto-related policy proposals. One of the recent developments includes proposed changes regarding how Americans invest retirement savings. Trump has proposed to permit 401(k) funds to be invested in cryptocurrencies and private credit. Such a move could unleash trillions of dollars of potential capital flows.

Analysts consider that increased access to retirement would increase the demand for Bitcoin and major altcoins. Supporters see the proposal as part of a broader shift in liquidity. These policies fall in line with comments by Binance founder Changpeng Zhao about the possibility of a crypto supercycle.

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