Sen. Bernie Sanders (I-VT) said on Wednesday that the cryptocurrency companies are lobbying Congress to pass what he called the "corrupt" Clarity Act as payback for their election-season political spending.
Sanders Says Big Crypto Interests Are Calling the Shots
Sanders shared a video on X of his conversation with actor and cryptocurrency critic Ben McKenzie, in which they discussed cryptocurrency campaign funding and related legislation.
The senior lawmaker, citing "very high sources," said that politicians have been told not to antagonize big-money interests and the cryptocurrency billionaires who have poured massive sums into elections.
“When you take on crypto, you’re taking on hundreds of millions of dollars of folks who want to defeat you,” Sanders added.
A report published at the end of June revealed that cryptocurrency companies spent $189 million on the midterm elections, accounting for 37% of all corporate political spending during the cycle. Ripple (CRYPTO: XRP) and Coinbase Global Inc. (NASDAQ:COIN) led the industry’s efforts.
Both Sanders and McKenzie agreed that the industry is “putting a few bucks” into seeing the Clarity Act, or the cryptocurrency market structure bill, passed,
The crypto industry has spent $189 million in campaign contributions so far this election cycle. Now they are pushing Congress to do their bidding by passing the corrupt CLARITY Act.
— Bernie Sanders (@BernieSanders) July 29, 2026
I’m talking to Ben McKenzie about what we can do to stop them. https://t.co/NEKMysHonr
Sanders Targets Trump’s Crypto Riches
Sanders then turned his attention to President Donald Trump, questioning how someone who labeled cryptocurrency a "scam" as recently as 2021 has now become one of its biggest profiteers.
“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,” Banders laughed.
Trump has defended his billion-dollar cryptocurrency income, asserting there was nothing "illegal" or "wrong" about it.
A White House spokesperson told Benzinga earlier that all of the President’s assets are held in "fully discretionary accounts" managed by "independent third-party financial institutions," while rejecting any allegations of conflicts of interest.
Sanders Opposes Corporate Spending in Elections
Sanders has been an outspoken critic of big money in politics, describing it as “legalized bribery.” He is unequivocal in his belief that the Supreme Court’s Citizens United ruling must be overturned.
The decision lifted numerous campaign finance laws, enabling corporations, super PACs and outside organizations to spend an unlimited amount of money on elections.
Photo Courtesy: Lev Radin on Shutterstock.com
