FTX founder Sam Bankman-Fried praised former U.S. President Donald Trump’s stance on digital assets and criticized President Joe Biden’s approach in a series of recent posts on X, calling Trump “right on crypto” and saying Biden “bungled crypto.” The comments place one of the crypto industry’s most controversial figures back in the center of an increasingly politicized debate over U.S. digital asset policy.
Bankman-Fried’s remarks on X
In posts on X (formerly Twitter), Bankman-Fried characterized Trump as favorable to the sector while faulting the Biden administration’s handling of crypto. He did not provide detailed policy prescriptions but framed the two presidents’ approaches in starkly contrasting terms: “right on crypto” for Trump and “bungled” for Biden.
Why it matters for U.S. crypto policy
Crypto regulation has become a prominent political issue in the United States. The Biden administration has pursued stricter oversight and enforcement through agencies such as the Securities and Exchange Commission and the Department of Justice, while also overseeing key market developments, including the SEC’s approval of spot Bitcoin exchange-traded funds in January 2024. Biden vetoed a congressional effort to overturn the SEC’s SAB 121 accounting guidance in 2024, a move widely criticized by industry stakeholders.
Trump, meanwhile, has signaled support for the industry, courting crypto-focused voters and donors during the 2024 campaign cycle. Bankman-Fried’s public contrast between the two approaches underscores how digital asset policy has become a partisan flashpoint heading into future elections.
Background on Bankman-Fried and FTX
Bankman-Fried founded FTX, once one of the world’s largest cryptocurrency exchanges, which collapsed in November 2022 following a liquidity crisis and revelations of massive customer fund shortfalls. He was convicted in November 2023 on fraud and conspiracy charges and, in March 2024, was sentenced to 25 years in federal prison and ordered to forfeit billions of dollars. During the 2022 U.S. midterm cycle, he was among the largest political donors, publicly stating that he contributed to candidates in both major parties.
The bottom line
Bankman-Fried’s latest comments add fuel to the ongoing political debate over crypto in the U.S., highlighting the divide between stricter regulatory oversight and a more industry-friendly stance. With policy still evolving, the sector’s regulatory trajectory remains a key issue for markets, companies, and voters alike.