Sen. Bernie Sanders (I-VT) isn't mincing words when it comes to cryptocurrency's growing influence in Washington. On Wednesday, he accused the industry of trying to buy a favorable law — the so-called Clarity Act — with the hundreds of millions it's poured into elections.
In a video posted to X, Sanders sat down with actor and crypto critic Ben McKenzie to talk about how campaign cash is shaping legislation. Citing what he called 'very high sources,' Sanders said politicians have been told not to antagonize big-money interests, especially the crypto billionaires who've been writing big checks.
'When you take on crypto, you're taking on hundreds of millions of dollars of folks who want to defeat you,' Sanders said.
The numbers back him up. A report from late June showed crypto companies spent $189 million on the midterm elections — a whopping 37% of all corporate political spending that cycle. Ripple (XRP) and Coinbase Global Inc. (COIN) led the charge. Both Sanders and McKenzie agreed the industry is 'putting a few bucks' into getting the Clarity Act — a crypto market structure bill — passed.
Sanders didn't stop there. He turned his attention to President Donald Trump, questioning how someone who called crypto a 'scam' in 2021 has become one of its biggest beneficiaries.
'He called it a scam. It is a scam, and he says, 'How do I profit from this scam?' I mean, you've got to give this guy credit,' Sanders laughed.
Trump has defended his billion-dollar crypto income, saying there's nothing 'illegal' or 'wrong' about it. A White House spokesperson told MarketDash that all of the President's assets are held in 'fully discretionary accounts' managed by 'independent third-party financial institutions,' and rejected any allegations of conflicts of interest.
Sanders has long been a vocal opponent of big money in politics, calling it 'legalized bribery.' He's adamant that the Supreme Court's Citizens United ruling — which lifted campaign finance limits and allowed unlimited corporate spending — must be overturned.
