Sanders warns crypto money is reshaping US elections

WASHINGTON (MNTV) — Senator Bernie Sanders has intensified his criticism of the cryptocurrency industry’s growing political influence, arguing that large contributions are shaping legislation and discouraging lawmakers from challenging powerful financial interests.

Speaking with actor and crypto critic Ben McKenzie in a discussion shared on social media, the Vermont independent said crypto firms are using political spending to push Congress toward the Clarity Act, a proposed bill setting regulatory rules for the industry. 

Many politicians are reluctant to confront the sector, he argued, because opposing it could mean facing hundreds of millions in spending aimed at defeating them.

The industry has sharply expanded its political activity: a June report found it spent about $189 million during the midterm election cycle, with firms including Ripple and Coinbase among the top contributors. Critics of the Clarity Act say industry-written rules could prioritize corporate interests over consumer protection and financial stability.

Sanders also criticized Trump’s ties to the sector, questioning how a president who once called cryptocurrency a scam came to profit from it. 

The White House has said Trump’s assets are managed independently and rejected conflict-of-interest claims. 

Sanders linked the issue to his long-standing opposition to the Supreme Court’s Citizens United ruling, which loosened limits on independent political spending — a decision he argues lets wealthy interests dominate policymaking, a system he calls legalized corruption.