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Sam Bankman-Fried’s Parents Want Trump to Pardon Him

Published

3 hours ago

January 31, 2025

Coin2049 Newsletter

Sam Bankman-Fried’s parents are petitioning President Trump for a pardon. Trump recently pardoned Silk Road founder Ross Ulbricht, but Bankman-Fried may be a more difficult case.

SBF contributed millions to defeat Trump’s Presidential campaign in 2020 and was sentenced to prison less than a year ago. For these and other reasons, a pardon seems much less likely.

Could SBF Get a Pardon?

Sam Bankman-Fried (SBF), one of the most infamous criminals in crypto history, may receive a pardon from President Trump. According to a Bloomberg report, his parents, Joseph Bankman and Barbara Fried, are spearheading the effort.

Both parents are law professors, and they’ve been consulting with figures in Trump’s orbit.

Since Donald Trump re-took office, he’s been fulfilling obligations to the crypto community. He pardoned Ross Ulbricht on his second day in office, making good on a campaign promise.

Ulbricht’s mother was a key figure in petitioning for this pardon, and SBF’s parents want to use the same strategy. Indeed, due to Trump’s early string of pardons, he’s facing many requests.

“I have been hearing from people in prison, from people recently sentenced who haven’t reported to the Bureau of Prisons yet, from people who have been indicted. They are looking for somebody who knows somebody,” claimed Jeffrey Grant, who runs a legal and advisory firm in New York for white-collar defendants. He has received around 100 pardon requests.

Rumors about an SBF pardon have circulated a few times since Trump won the Presidential election, but nothing has materialized yet. Indeed, it might be much more difficult than Ulbricht’s pardon.

For example, the new US Attorney in the SDNY pledged that his office would stop a crypto crackdown, but only after defeating Bankman-Fried’s appeal.

In other words, even when the legal system wants to ease up on crypto criminals, the Bankman-Fried case is still very recent. He was sentenced less than a year ago, whereas Ulbricht spent more than a decade behind bars.

If Trump gives SBF a pardon this soon, it might directly encourage these large-scale financial crimes.

“In my opinion, SBF will be pardoned and released. There are more truths to be revealed. Nothing is what it seems and definitely not what you were told. Watch this space. The real criminals will be exposed,” wrote Martin Folb.

Additionally, before his arrest, Ulbricht was a libertarian with no strong affiliation to either political party. Bankman-Fried, on the other hand, was a major Democratic donor who directly contributed millions to defeat Donald Trump in 2020.

If SBF wishes for Trump to pardon him now, his contributions to the Republicans might not be enough to clear the bad blood. In other words, it doesn’t seem particularly likely that SBF will receive a pardon anytime soon.

Reports suggest that his parents consulted a lawyer who helped several clients receive clemency in Trump’s first term. They were told that “Trump is busy doing other things” and should contact him again in a month.

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Bitwise’s Bitcoin and Ethereum ETF Gets SEC’s Green Light

Published

57 minutes ago

January 31, 2025

Coin2049 Newsletter

The US Securities and Exchange Commission (SEC) has given initial approval for Bitwise’s spot Bitcoin (BTC) and Ethereum (ETH) Exchange-Traded Fund (ETF).

The SEC confirmed that the filing received accelerated approval. This came after the regulator approved similar ETFs last month.

SEC Approves Bitwise’s Bitcoin and Ethereum ETF

On January 30, the SEC approved NYSE Arca’s 19b-4 filing. The filing allows Bitwise’s combined Bitcoin and Ethereum ETF to be listed and traded.

According to the filing, the fund’s asset allocation will closely reflect the relative market capitalizations of Bitcoin and Ethereum. Furthermore, its holdings would be limited to these two cryptocurrencies and cash reserves.

Notably, according to the SEC, the filing received accelerated approval. The agency determined that the filing was substantially similar to other approved spot crypto ETFs, which allowed for an expedited approval process.

“The Commission finds good cause to approve the Proposal prior to the 30th day after the date of publication of notice of Amendment No. 126 in the Federal Register,” the SEC stated.

The development follows the SEC’s approval of the first-ever combined Bitcoin and Ethereum ETFs from Hashdex and Franklin Templeton in December 2024.

“Because hashdex and Franklin were already approved it made sense that this would also be approved in short order,” Bloomberg ETF analyst James Seyffart pointed out on X.

Bloomberg Senior ETF Analyst Eric Balchunas also commented on the decision on social media platform X. He said that the decision was “news but expected.”

“Even Gensler’s SEC would approve these,” Balchunas wrote.

Balchunas also highlighted the speed of the SEC’s decision. He noted that the approval process took only 45 days instead of the standard 240-day review period.

“I really want to interpret this as a sign the new SEC will be faster but no way to know really. Litecoin on deck, know more soon,” he added.

NYSE Arca filed the 19b-4 on November 26, 2024. After a public comment period and a revision to the filing on January 21, 2025, the SEC decided to fast-track its approval. The approval adds to Bitwise’s growing footprint in the crypto ETF space.

The investment manager has also submitted applications for Solana (SOL), XRP (XRP), and Dogecoin (DOGE) ETFs. Nonetheless, given its higher volatility and speculative nature, whether the SEC will approve a meme coin ETF remains to be seen.

Meanwhile, the Bitwise 10 Crypto Index Fund also remains under review. This fund is designed to track the performance of the top cryptocurrencies.

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Ethereum Price Gains Traction: Can It Sustain the Climb?

Published

2 hours ago

January 31, 2025

Coin2049 Newsletter

Ethereum price started a fresh increase above $3,220. ETH is now consolidating and might eye more gains above the $3,270 resistance zone.

Ethereum started a fresh increase above the $3,120 zone.
The price is trading above $3,200 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $3,200 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start another increase if it stays above the $3,200 level.

Ethereum Price Recovers

Ethereum price started a decent increase from the $3,020 zone, like Bitcoin. ETH was able to surpass the $3,120 and $3,150 resistance levels to move into a positive zone.

There was a break above a key bearish trend line with resistance at $3,200 on the hourly chart of ETH/USD. The pair surpassed the 50% Fib retracement level of the downward move from the $3,427 wing high to the $3,020 swing low.

However, the bears are now active near the $3,270 and $3,280 resistance levels. Ethereum price is now trading above $3,200 and the 100-hourly Simple Moving Average.

On the upside, the price seems to be facing hurdles near the $3,270 level and the 61.8% Fib retracement level of the downward move from the $3,427 wing high to the $3,020 swing low. The first major resistance is near the $3,330 level. The main resistance is now forming near $3,360. A clear move above the $3,360 resistance might send the price toward the $3,450 resistance.

An upside break above the $3,450 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,550 resistance zone or even $3,650 in the near term.

Another Drop In ETH?

If Ethereum fails to clear the $3,270 resistance, it could start another decline. Initial support on the downside is near the $3,220 level. The first major support sits near the $3,200.

A clear move below the $3,200 support might push the price toward the $3,120 support. Any more losses might send the price toward the $3,050 support level in the near term. The next key support sits at $3,000.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,200

Major Resistance Level – $3,270

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Bitcoin Price Comeback Meets Resistance: Breakout or Rejection?

Published

4 hours ago

January 31, 2025

Coin2049 Newsletter

Este artículo también está disponible en español.

Bitcoin price started a fresh upward move above $103,200. BTC is now correcting gains and might revisit the $102,000 support zone.

Bitcoin started a decent upward move above the $103,200 zone.
The price is trading above $103,000 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support at $103,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $102,000 zone.

Bitcoin Price Recovers Above $102,000

Bitcoin price started a decent increase above the $101,500 resistance zone. BTC was able to surpass the $102,200 and $103,200 resistance levels to move into a positive zone.

It even cleared the $104,500 resistance zone. The pair settled in a positive zone and now faces hurdles near the $106,500 zone. A high was formed at $106,414 and the price is now correcting gains. There was a move below the $105,000 level.

It is now testing the 23.6% Fib retracement level of the upward move from the $97,688 swing low to the $106,414 high. Bitcoin price is now trading above $103,000 and the 100 hourly Simple moving average.

There is also a key bullish trend line forming with support at $103,500 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $105,500 level. The first key resistance is near the $106,500 level. The next key resistance could be $107,000.

A close above the $107,000 resistance might send the price further higher. In the stated case, the price could rise and test the $108,800 resistance level. Any more gains might send the price toward the $110,000 level.

Another Decline In BTC?

If Bitcoin fails to rise above the $105,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $103,500 level. The first major support is near the $102,500 level and the 50% Fib retracement level of the upward move from the $97,688 swing low to the $106,414 high.

The next support is now near the $102,000 zone. Any more losses might send the price toward the $100,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $103,500, followed by $102,500.

Major Resistance Levels – $105,500 and $106,500.

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