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Sam Bankman-Fried is on the fourth day of a publicly chronicled challenge to his conviction, and his supporters are hoping the Trump administration will step in.
The Biden administration has been repeatedly accused of being too harsh on the cryptocurrency industry, and supporters of crypto leaders in legal battles believe that the crypto-friendly Trump administration will review a lot of the cases.
SBF is still appealing his conviction
Sam Bankman-Fried’s legal team is currently on day 4 of fighting to get his conviction overturned. They argue that the judicial process under the previous administration was flawed.
The convicted executive has gone from questioning the legality of his conviction to the litigiation process that preceded it in recent days to commending the achievements of the Trump administration and its aggressive approach to economic growth.
For years, the crypto industry complained that the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) under the Biden administration were hostile. They claimed the government required companies to get licenses, but then refused to grant them, forcing many American-founded companies to move their operations offshore to places like the Bahamas or Dubai.
Changpeng Zhao recently echoed the same complaint about the Biden administration’s DOJ on the All-In podcast. Cryptopolitan reported that he viewed the Department of Justice as being “uniquely aggressive” and attempting to stall innovation.
Now, the Trump administration is signaling that the companies that were run off are “welcome back in America.”
SBF cited how liquid prediction markets were mostly based offshore due to strict oversight by the Commodity Futures Trading Commission (CFTC) before the Trump admin returned to office. Now, recent court rulings and a more hands-off approach from the current executive branch have allowed these markets to become available to American citizens.
President Trump has frequently pointed to “great jobs numbers” as proof that his economic plan is working. He argues that by expanding business tax breaks, the government is successfully pulling investment back to U.S. soil.
However, President Trump told The New York Times in a January interview that he has no plans to pardon Bankman-Fried. The president also ruled out pardons for music producer Sean Combs and former New Jersey Senator Robert Menendez.
The Trump administration has overhauled crypto landscape
Gary Gensler, who was known for being “tough on crypto” has left his position at the SEC and been replaced by pro-innovation successor, Paul Atkins. Several Bitcoin and Ethereum-based financial products are seeing faster approval times since the change.
The Trump administration is attempting to make the U.S. the “crypto capital of the planet” by creating a strategic Bitcoin reserve and ensuring that stablecoins are regulated in a way that keeps the dollar strong.
Supporters of SBF and other crypto figures in legal trouble hope that this new “Golden Age” of crypto will lead to a review of past prosecutions. They argue that many “crimes” were actually just a result of confusing and contradictory rules that were impossible to follow.
Critics of the era, however, warn that total deregulation could lead to more collapses like the one seen with FTX. The Trump administration has stated that clear rules are the best way to protect people.
The screenshot of a post by President Trump that SBF attached showed the POTUS stating that since the U.S. is the strongest country in the world, it should have the lowest interest rates on its bonds.
The president continues by stating that the United States currently pays hundreds of billions of dollars every year just in interest on its debt. By strengthening the economy and demanding better terms, the government could save at least $1 trillion per year in interest costs.
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