Two US senators—one Republican and one Democrat—are pushing back against any attempt by former FTX CEO Sam Bankman-Fried to secure executive clemency from President Donald Trump. Senator Cynthia Lummis and Senator Rubén Gallego plan to introduce a non-binding resolution stating that under no circumstances should Bankman-Fried receive a pardon or commutation.

The lawmakers say the aim is to protect the integrity of the sentencing outcome and deterrence for large-scale financial fraud. The resolution argues that the 25-year sentence imposed on Bankman-Fried reflects the “extraordinary scale and deliberateness” of his crimes, his lack of remorse, and the harm inflicted on millions of victims.

Key takeaways

• Senators Cynthia Lummis (R) and Rubén Gallego (D) will introduce a non-binding resolution opposing any presidential pardon or commutation for Sam Bankman-Fried.
• The resolution emphasizes that Bankman-Fried’s 25-year sentence reflects the “extraordinary scale” and “deliberateness” of his offenses and the widespread impact on victims.
• Bankman-Fried’s remaining legal options are limited to a presidential pardon or further review by the US Supreme Court after a federal appeals court upheld his conviction and sentence.
• The senators warn that granting clemency would “erase” the conviction, weaken deterrence, and send a “damaging message” that perpetrators of major financial fraud can avoid permanent accountability.

What the Senate resolution would do

According to the text of the resolution to be introduced Wednesday, Lummis and Gallego would effectively register the Senate’s position that President Trump should not grant clemency “under no circumstances,” including a pardon or commutation for Bankman-Fried.

The senators note that a presidential pardon is a constitutional power, meaning any Senate action of this type is not legally binding. Even so, the resolution is intended to create political and legislative pressure by explicitly tying clemency to deterrence and accountability concerns.

The measure further states that the Senate affirms the duration of Bankman-Fried’s sentence and frames that punishment as consistent with justice and the case’s specific circumstances, including the scope of wrongdoing and the consequences for victims.

The resolution is provided through a document published on Gallego’s official website: MEE26050.pdf.

Bankman-Fried’s clemency bid follows an appeals loss

The resolution arrives after Bankman-Fried formally applied for a presidential pardon related to his conviction on seven felony counts connected to the misuse of FTX user funds. Earlier coverage from Cointelegraph detailed that application and the broader push for clemency: SBF clemency bid.

In the latest procedural turn, a federal appeals court upheld Bankman-Fried’s conviction and 25-year sentence, leaving his path forward narrowed to either seeking a pardon or pursuing review by the US Supreme Court. Cointelegraph previously reported on the appeals court decision here: Bankman-Fried loses appeal.

Because the appeals court decision sustained both the conviction and the length of the prison term, clemency would function as the main mechanism for any outcome short of further litigation—an issue the senators appear to be targeting directly with their “no pardon, no commutation” language.

Why deterrence is at the center of the lawmakers’ argument

Lummis and Gallego’s resolution focuses not on the details of the original sentencing alone, but on what they argue would happen if the conviction were undone at the executive level. In their framing, a pardon would “erase” the conviction and, more importantly, could weaken deterrence for future financial crimes.

The lawmakers also portray clemency as a broader signal to the public: that individuals accused and convicted of large-scale financial fraud may escape permanent accountability even after a lengthy federal sentence.

This deterrence theme matters in the context of the FTX collapse, which triggered one of the most significant blowups in the crypto sector’s modern history. Bankman-Fried was convicted in November 2023 following FTX’s collapse in 2022, and he was later sentenced to 25 years in prison. Cointelegraph noted the conviction and sentencing background in its reporting.

The senators’ argument effectively tries to connect executive discretion to market and regulatory confidence—suggesting that the aftermath of high-profile fraud cases influences how seriously deterrence is treated across the financial system.

Other FTX defendants remain in the criminal system

The resolution discussion also sits alongside the continued legal fallout from the FTX collapse. Even as Bankman-Fried seeks clemency, other figures from the broader FTX and Alameda orbit have faced sentencing outcomes ranging from prison terms to time served in exchange for cooperation.

According to the article’s summary of court outcomes, Caroline Ellison, the former CEO of Alameda Research, received a two-year sentence in 2024 and was granted early release in January after serving 14 months. Meanwhile, Nishad Singh, the former engineering director at FTX, and Gary Wang, a co-founder, were both sentenced to time served, with their testimony offered against Bankman-Fried during trial.

Another defendant, Ryan Salame, the former co-CEO of FTX Digital Markets, was sentenced to 90 months in prison tied to unlawful political contributions and conspiracy to operate an unlicensed money-transmitting business.

The article also notes that Salame’s wife, Michelle Bond, was indicted in connection with charges tied to her 2022 run for Congress, with allegations that campaign funds were financed with illegal contributions linked to the crypto exchange. This was reported by Courthouse News Service in coverage referenced by Cointelegraph: indicted.

That broader slate of cases underscores an important point for investors and observers: even if one individual’s sentence is subject to presidential clemency, the overall accountability process tied to FTX and related conduct has not ended.

Going forward, readers should watch whether the White House signals any openness to clemency despite the appeals court ruling—and whether the Senate resolution gains additional support in a way that could influence the political calculus surrounding executive action.

ASTER has surged more than 20% after Aster unveiled a new tokenomics framework that commits almost all platform fee revenue to daily token buybacks and large-scale supply reductions.

According to a June 17 X post by Aster, 99% of the protocol’s daily fees will now be used to purchase ASTER from the open market beginning June 17 at 12:00 PM UTC. The announcement pushed the token close to $0.80 before some profit-taking emerged, with ASTER later changing hands near $0.74, up roughly 13% over the past day.

The update introduces a second layer of supply reduction alongside the buybacks. Aster said it will remove an equal amount of ASTER from reserve holdings each day, creating what the protocol described as a 198% combined buyback-and-burn effect.

Reserve reductions will begin with the team allocation and continue until the total token supply falls from 8 billion ASTER to 3 billion.

Additional demand could also come from Aster Spot. According to the protocol, every permissionless token listing on the platform will require a 50,000 USDT fee, with all proceeds earmarked for further ASTER buybacks that will be distributed to stakers through the rewards program.

Platform fees now drive ASTER rewards

Rather than destroying purchased tokens, Aster said the acquired ASTER will be distributed to participants in its Loyalty Rewards program.

Under the revised model, each reward epoch will include a fixed allocation of 300,000 ASTER plus all tokens accumulated through daily buybacks.

Distribution will be directed to veASTER holders according to lock-weighted participation. Aster added that all buybacks will be executed through an automated daily time-weighted average price process and settled on-chain. To increase transparency, the project has also published the wallet address used for the purchases, allowing users to verify transactions independently.

By linking fee generation directly to token purchases, staking rewards and reserve reductions, the protocol has created a mechanism where higher trading activity results in larger buybacks and larger reward distributions.

Technical breakout places $0.81 resistance in focus

Market participants responded quickly to the announcement, driving ASTER above a trading range that had largely contained price action since April. On the daily chart, the token broke through support-turned-resistance near $0.65 and climbed toward the next major barrier around $0.81.

The daily chart also showed strengthening momentum indicators following the move. ASTER’s Relative Strength Index rose above 65, while the MACD produced a bullish crossover accompanied by expanding positive histogram bars, signaling stronger buying pressure.

The $0.81 region remains an important level because it coincides with several prior rejection points visible on the daily chart. A successful break above that zone could expose the token to areas not tested since late 2025, while traders may look for the former resistance near $0.65 to act as support if the rally pauses.

This article was updated with additional details from the Federal Reserve’s latest dot plot projections and voting results.

The Federal Reserve has kept its benchmark interest rate unchanged at 3.50% to 3.75% for a fourth consecutive meeting as policymakers continue monitoring inflation risks across the U.S. economy.

According to the Federal Open Market Committee, officials voted unanimously to leave rates unchanged at the conclusion of the June meeting, keeping the federal funds target range at 3.50% to 3.75%

The decision extended a pause that has remained in place throughout 2026 and matched market expectations, with investors widely anticipating no change in policy despite continued concerns about inflation.

Attention has now turned to Fed Chair Kevin Warsh’s first post-meeting press conference, where investors are looking for clues about how policymakers view inflation and whether tighter monetary policy could still be required later this year.

Inflation concerns continue to shape policy outlook

Although the Fed left rates unchanged, concerns about inflation remain central to the policy discussion. In its statement, the Committee cited ongoing uncertainty surrounding price pressures as officials weigh future decisions.

Among the firms adopting a more cautious view, Citadel Securities has warned that inflation may be becoming entrenched across the economy. As previously reported by crypto.news, the firm pointed to supportive financial conditions, labor market resilience, supply-chain disruptions, and rising investment tied to artificial intelligence as factors that could keep inflation elevated.

Citadel also highlighted recent economic data showing a growing share of core Consumer Price Index components increasing more than 3% year over year. The firm noted that headline CPI reached 4.2% in May, while Producer Price Index inflation accelerated to 6.5%, indicating continued cost pressures for businesses.

Based on those conditions, Citadel expects the Federal Reserve under Warsh to maintain a hawkish stance. The firm estimates that at least five Fed officials could signal support for future tightening and argues that an inertial Taylor Rule framework would justify roughly 75 basis points of rate increases during 2026.

Under Citadel’s forecast, rate hikes could arrive in September and December 2026, followed by another increase in March 2027. While the firm does not expect an immediate move, it said Warsh’s assessment of inflation risks will be critical for markets.

Adding to the debate, BNP Paribas recently abandoned its expectation for stable policy and now forecasts three rate hikes beginning in December. The bank cited persistent inflation, strong employment data, and inflation risks associated partly with geopolitical tensions involving Iran.

Fresh economic projections released alongside the decision suggested many policymakers remain concerned about inflation. According to the Fed’s updated dot plot, nine of 18 officials expect at least one rate hike before the end of the year.

Six of those officials projected multiple increases, while only one participant forecast a rate cut. One official did not submit a projection, a position widely assumed by market observers to belong to Chair Kevin Warsh.

Markets await signals from Warsh

Recent developments in energy markets have complicated the inflation outlook. Following the initial U.S.-Iran agreement, oil prices moved lower, reducing one source of inflation pressure. Even so, several analysts continue to argue that price increases have spread beyond energy and into other parts of the economy.

Political pressure has also remained in focus. President Donald Trump has repeatedly called for lower interest rates, although he recently suggested he would not pressure Warsh to cut rates in the same manner he publicly challenged former Fed Chair Jerome Powell.

Financial markets showed a muted reaction following the announcement, although risk assets weakened after investors reviewed the Fed’s projections. According to data from crypto.news, Bitcoin fell 0.6% over the previous 24 hours to around $65,430, while Ethereum declined 1.4% to roughly $1,770.

Most other top-100 digital assets traded near flat levels, posting only modest gains or losses. The total cryptocurrency market capitalization slipped 0.7% to approximately $2.33 trillion at press time as traders continued assessing the implications of the Fed’s decision and the possibility of future policy tightening.

Bitcoin (BTC) bounced off week-to-date lows into Wednesday’s Wall Street open as corporate sell pressure returned to the radar.

Key points:

• Bitcoin sees a new low for the current weekly candle with the Fed FOMC meeting due in hours.
• Analysis warns that markets remain concerned over Strategy potentially selling more BTC.
• Fed chair Kevin Warsh faces a tough balancing act at his first interest-rate decision.

Strategy selling still impacting Bitcoin price strength

Data from TradingView showed BTC/USD heading higher after dropping to $64,500 on Bitstamp.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

The pair saw ongoing weakness ahead of the US Federal Reserve’s interest-rate meeting, scheduled for 2pm Eastern time. As Cointelegraph reported, such events tend to trigger BTC price downside.

In its latest Market Color analysis, trading company QCP Capital said that the BTC price outlook was clouded by more than just the Fed.

“While broader markets continue to trade higher on optimism across multiple fronts, BTC remains stuck below the 66k level,” it wrote. 

“The underperformance has been driven in part by concerns that Strategy may need to sell more Bitcoin to fund dividend payments, especially after buying back $1.5 billion of its 2029 Convertible Senior Notes.”

Source: Cointelegraph

QCP explained that contingency measures by technology company Strategy had “extended its runway” in terms of liquidity after selling 32 BTC in May, but markets remained wary of potential problems further down the line.

“In the short term, we think this overhang may continue to prevent Bitcoin from fully participating in the broader macro optimism. However, as Strategy continues to issue shares and lengthen its runway, that optimism may eventually catch up to BTC,” it continued.

“For now, the macro tide has turned more supportive, but Bitcoin still has one very specific overhang to work through.”

Fed’s Warsh faces “difficult opening act”

On the Fed, meanwhile, QCP joined those putting the focus on new Fed chair, Kevin Warsh.

Related: Can BTC rebound to $69K as oil price plunges? Five things to know in Bitcoin this week

“Warsh takes the stage at his first Fed meeting as Chair today,” it stressed.

“Previous expectations had positioned him as dovish and more inclined toward rate cuts, but the economic backdrop has shifted materially.”

QCP described a “difficult opening act” for Warsh, who should balance inflationary trends with pressure to cut rates from president Donald Trump.

“Today’s meeting will therefore be about more than the rate decision,” it continued, referring to outgoing chair, Jerome Powell. 

“It will be Warsh’s first opportunity to secure buy-in from Powell and the rest of the Board, while establishing himself as a credible and independent Fed Chair.”

Fed target rate probabilities for Wednesday FOMC meeting (screenshot). Source: CME Group

Data from CME Group’s FedWatch Tool showed no odds of the Federal Open Market Committee (FOMC) cutting rates.

Andre Dragosch, European head of research at crypto asset manager Bitwise, noted that markets increasingly expected a rate hike by the end of the year — a clear would-be headwind for crypto and risk assets.

“IMO still a lot of monetary policy uncertainty around the question whether Warsh is rather hawkish or dovish amid the rise in inflation,” he wrote in a post on X.

Fed target rate probabilities (screenshot). Source: CME Group

TLDR:

• Moody’s brought machine-readable credit ratings to Solana through its integration with Alphaledger infrastructure.
• Solana became the first public blockchain capable of supporting Moody’s ratings directly on-chain.
• Issuers can now embed Moody’s credit data into tokenized fixed-income assets at the asset level.
• The rollout follows Moody’s earlier TIE deployment on Canton Network during March 2026.

Moody’s has expanded its blockchain strategy by bringing machine-readable credit ratings to Solana through a new integration with Alphaledger. 

The move places one of the world’s most widely used credit assessment systems directly on a public blockchain network. It also marks the first time Moody’s ratings can operate at scale on a major permissionless chain. 

The deployment adds another institutional finance layer to Solana’s growing real-world asset ecosystem.

Moody’s Credit Ratings Reach Solana Through Alphaledger Integration

According to a release from Moody’s Corporation, Moody’s Ratings has extended its Token Integration Engine, known as TIE, to the Solana network. The integration comes through Alphaledger, a platform focused on tokenized fixed-income assets.

The launch follows a proof-of-concept completed on Solana’s devnet in June 2025. That earlier test explored how credit ratings could become part of tokenized securities issued on-chain.

With the deployment now live, issuers using Alphaledger can choose to attach Moody’s Ratings data directly to tokenized fixed-income instruments. The information becomes available within the asset’s digital infrastructure rather than through separate external systems.

Moody’s stated that the rollout makes its ratings ready for large-scale deployment on a major public blockchain. The company also noted that TIE was designed to function across different blockchain environments rather than a single network.

The development follows Moody’s first blockchain-based ratings deployment on the Canton Network in March 2026. At the time, the company introduced ratings delivery capabilities on a permissioned institutional blockchain.

Solana RWA Market Gains Institutional Credit Infrastructure

The latest integration brings Moody’s credit data into Solana’s expanding real-world asset sector. Credit ratings play a central role in traditional fixed-income markets by helping investors evaluate risk.

Moody’s said investors increasingly transact on blockchain networks and require access to independent credit assessments in those environments. The company described TIE as a network-agnostic framework built to support that transition.

Alphaledger stated that embedding ratings directly into tokenized assets removes the need for separate credit lookups. The platform highlighted municipal debt markets as one area where integrated ratings could support institutional participation.

The Solana Foundation also addressed the launch. According to information shared by the foundation, the network now becomes the first public permissionless blockchain capable of supporting Moody’s machine-readable credit ratings directly on-chain.

The release noted that credit information can now travel alongside tokenized assets throughout their lifecycle. Market participants can access independent credit analysis within the asset structure itself rather than relying on disconnected data sources.

Moody’s indicated that additional blockchain integrations remain under consideration as digital finance adoption grows. The company plans to expand TIE coverage across more networks, business lines, and financial instruments over time.

The Federal Reserve left its benchmark fed funds rate range unchanged at 3.50%-3.75% on Wednesday, a move markets had expected nearly unanimously.

“Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East,” the press release said. “Inflation remains elevated relative to the Committee’s 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy.”

“The Committee will deliver price stability,” it added.

Policymakers are increasingly lean towards a rate hike this year, expecting the fed funds rate at 3.8% at the end of 2026, versus a 3.4% in the March projection. Easier monetary policy will not come anytime soon as they expect rates at 3.6% for 2027 and 3.4% in 2028, both higher than their previous guidance.

They also see higher inflation, with personal consumption expenditure (PCE) rising 3.6 this year and core PCE inflation at 3.3%, compared to a forecast of 2.7%-2.7% in March.

Trading around $66,000 earlier, bitcoin BTC$65,455.56 fell to $64,800 in the minutes following the decision, and recently stabilized around $65,300. The S&P 500 and Nasdaq 100 both dropped nearly 1%, erasing earlier gains.