Senator Cynthia Lummis (R-Wyo.) torched imprisoned FTX founder Sam Bankman-Fried Thursday morning after he endorsed the CLARITY Act from behind bars, calling it “a huge milestone for crypto” and “a huge achievement” for President Donald Trump.
“Someone’s looking for a pardon and doesn’t realize the Clarity Act would have you locked up for much longer than 25 years,” Lummis posted on X.
“My legislation couldn’t be more different than the bill you tried to buy from Congress over my objection in 2022. We do not need—nor want—your support.”
Senator Elizabeth Warren (D-Mass.) called SBF’s endorsement something that “should set off alarm bells” for any lawmaker touching the bill. It may be the only thing Lummis and Warren agree on this session.
Lummis, dubbed the “Bitcoin Senator,” has received over $50,000 in campaign contributions from crypto industry players and investors shortly before sponsoring pro-crypto legislation.
The Pardon Play Nobody Is Buying
SBF has spent weeks running a MAGA charm offensive from federal prison, dictating pro-Trump posts to a proxy who publishes them on X.
He’s bashed “Clinton-appointed” judges, called FTX’s collapse a “liquidity crisis, not fraud“, and filed a pro se motion for a new trial alleging the Biden DOJ threatened witnesses into silence.
None of it is working. Trump explicitly ruled out a pardon in January. The White House reiterated that this week.
Polymarket has SBF’s pardon odds at 7%.
The Bill Is Moving Faster Than The Drama Suggests
The SBF noise masks real momentum.
Senate Democrats convened yesterday to discuss the Clarity Act ahead of a White House-imposed March 1 deadline to resolve the stablecoin yield fight.
Separately, a16z’s Marc Andreessen and Chris Dixon briefed Republican senators on the need to pass the bill
Both sides are now at the table, and Polymarket’s “Clarity Act signed into law in 2026?” contract has rebounded to around 70% from a 47% low after Trump’s State of the Union.
Why It Matters For COIN
Coinbase Global Inc (NASDAQ:COIN) rose sharply yesterday, riding a broader crypto bounce after Bitcoin (CRYPTO: BTC) reclaimed $68,500. The stock, currently trading around $177, is still down over 58% from its 52-week high of $445.
The Clarity Act is the single biggest catalyst on COIN’s regulatory calendar.
Coinbase generated roughly $1.3 billion in stablecoin-related revenue in 2025. If the bill passes with yield-friendly language, that stream is protected.
If banks win the yield fight, and the White House’s latest draft language suggests they may, it takes a hit.
The bill’s final text on stablecoin rewards may matter more to Coinbase’s 2026 earnings than anything SBF tweets from prison.
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