Sam Bankman-Fried, the convicted founder of the collapsed FTX crypto exchange, claimed Wednesday that his arrest in 2022 was politically motivated by the Biden administration after he shifted his political donations toward Republicans.
In a post on GETTR, Bankman-Fried said he had moved from being center-left in 2020 to centrist in 2022 after witnessing the regulatory enforcement on crypto by then-Securities and Exchange Commission Chair Gary Gensler and the Justice Department under former President Joe Biden.
“I was a centrist, and (privately) donated tens of millions to Republicans,” Bankman-Fried wrote in the post, seemingly published by a friend. “Weeks later, Biden’s anti-crypto SEC/DOJ went after me. They had me arrested weeks before the crypto bill I was working on was set for a vote — and the night before I was set to testify before Congress.”
House Republicans at the time raised suspicion on the timing of the arrest, stating it appeared designed “to prevent Sam Bankman-Fried from testifying” and demanded Gensler provide internal communications on the matter, according to Bankman-Fried.
In his Wednesday post, Bankman-Fried revived this suspicion, noting that Gensler “conveniently lost” the relevant internal messages.
Last month, the Office of Inspector General, an independent office within the SEC, said the agency’s IT office “implemented a poorly understood and automated policy that caused an enterprise wipe of Gensler’s government-issued mobile device.” Therefore, text messages between October 2022 and September 2023 were lost, the office said.
During that period, the agency launched other major enforcement actions against crypto firms including Coinbase and Binance.
The Block has reached out to the SEC and the DOJ for comment on Bankman-Fried’s claims.
Following his arrest in the Bahamas in December 2022, Bankman-Fried was convicted of multiple fraud and conspiracy counts in November 2023 for stealing billions of customer funds from FTX. He is currently serving a 25-year prison sentence and is appealing the conviction.
Bankman-Fried and his family have repeatedly claimed that the FTX co-founder was wrongfully convicted, seeking clemency from President Donald Trump, who has pardoned Ross Ulbricht, the creator of the Silk Road online black market.
The incarcerated FTX founder noted in another GETTR post: “I can’t post directly; I dictate to a friend via approved BOP phone/email.”
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
