Appeals, Comparisons, and What Comes Next
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Although a pardon is off the table, Bankman-Fried is still pursuing legal avenues. His lawyers argued an appeal before the U.S. Court of Appeals for the Second Circuit in November, and a ruling is still pending. If denied, his final option would be to seek review by the U.S. Supreme Court.
Trump’s refusal stands in contrast to other crypto-related pardons he has granted, including Silk Road founder Ross Ulbricht and former Binance CEO Changpeng Zhao. Meanwhile, former Alameda Research CEO Caroline Ellison, who cooperated with prosecutors, is nearing release — underscoring how sharply outcomes diverged among figures tied to FTX.