SBF Supports CLARITY Act from Prison, Draws Bipartisan Criticism from Senators

Odaily News According to reports, Sam Bankman-Fried (SBF), the imprisoned founder of FTX, recently publicly expressed his support for the U.S. crypto regulatory bill, the "CLARITY Act." However, this statement has drawn joint opposition from both Democratic and Republican senators.

SBF stated on social media that the "CLARITY Act" would be a significant milestone for the crypto industry. He mentioned that he had previously advocated for similar legislation to limit the regulatory authority of the U.S. Securities and Exchange Commission (SEC) over the crypto sector. In 2022, he supported the "Digital Commodities Consumer Protection Act" (DCCPA), but progress on that bill stalled following the collapse of FTX and his subsequent arrest.

In response, Republican Senator Cynthia Lummis publicly stated, "We don't need or want your support." Similarly, Democratic Senator Elizabeth Warren opposed SBF's remarks, highlighting a rare moment of bipartisan consensus on this issue.

Currently, SBF, who was sentenced to 25 years in prison for charges including misappropriation of customer funds, is appealing his conviction. He continues to post comments on social media, many of which express support for the policies of the Trump administration. This has been interpreted by observers as an attempt to seek a presidential pardon. However, the White House has previously indicated that Trump currently has no plans to pardon SBF. The "CLARITY Act" aims to establish a comprehensive regulatory framework for the crypto industry and clarify the division of regulatory responsibilities between the SEC and the Commodity Futures Trading Commission (CFTC). Although related bills have passed in the House of Representatives, the legislative process in the Senate still faces controversies over issues such as stablecoin yield rules and potential conflicts of interest.