Elon Musk reacts again to reports that the Joe Biden administration is considering convicted FTX founder Sam Bankman-Fried (SBF) for a presidential pardon.
There has been a significant debate regarding the possibility of the outgoing U.S. president, Joe Biden, granting an early pardon to SBF. This comes after popular Wall Street Mav first broke the news that Biden is considering SBF for a presidential pardon.
Notably, the news has gone viral, with prominent figures like Elon Musk sharing their views on the matter. As reported earlier, Musk, the founder of Tesla and a major Dogecoin proponent, commented on the matter, noting that he would be shocked if the Biden administration did not grant SBF a presidential pardon.
SBF Pardon “Will Fetch a Huge Price” — Musk
In a follow-up comment, he took a direct swipe at the Biden administration, suggesting that monetary considerations might influence presidential pardon.
Specifically, he alleged that the current administration is “selling” pardons. Consequently, the world’s richest man emphasized that SBF’s presidential pardon “will fetch a high price.”
This suggests that the SBF camp may be paying a premium to secure an early presidential pardon for Bankman-Fried.
This administration is selling pardons and his will fetch a high price
— Elon Musk (@elonmusk) December 25, 2024
Musk’s statement is no surprise to many, given his ongoing criticism of the current administration. His skepticism toward the Biden administration made him throw his weight behind Donald Trump in the just-concluded election, who eventually clinched the presidency in a landslide victory.
Following Trump’s reelection, he appointed Musk to head the Department of Government Efficiency (D.O.G.E), a new agency tasked with reducing federal government expenditures.
SBF Crimes and Support to Democrats
Meanwhile, the crypto community has been agog since news of a potential presidential pardon for SBF went viral.
It should be recalled that SBF was convicted for perpetrating one of the biggest frauds in the United States. He misappropriated billions of dollars worth of FTX customers’ funds, using them to fund his lavish lifestyle and sponsor political candidates, especially politicians from the Democratic Party. This saw him rank as the second-largest donor to the Democratic Party in the 2020 election.
Due to the magnitude of SBF’s crimes, which involved wire fraud, money laundering, and several others, U.S. District Judge Lewis Kaplan sentenced him to 25 years in jail and ordered him to forfeit $11 billion.
Although he has appealed the ruling, speculation suggests that he might get an early release through a presidential pardon.
For context, U.S. Presidents have the constitutional power to grant pardons for several federal offenses, and Biden is no exception. He exercised this power recently when he granted an unconditional pardon to his son, Hunter, who was initially convicted on gun and tax charges.
Notably, he can also extend the same magnanimity to SBF based on his support in the 2020 election, which brought Biden to power. According to reports, SBF splashed more than $100 million in political donations between 2020 and 2022, with the Democratic Party emerging as the major beneficiary.
However, whether Biden will pardon SBF before his administration expires on January 20, 2025, remains unclear.
