Independent Senator Bernie Sanders has intensified his longstanding criticism of the cryptocurrency sector, calling for tougher scrutiny during a campaign event in Minneapolis. Sanders appeared at a rally supporting Minnesota Lieutenant Governor Peggy Flanagan’s run for the U.S. Senate and voiced his intention to challenge what he characterized as powerful and influential industries.
Sanders opposes crypto and political super PACs
Speaking to supporters, Sanders stated his commitment to oppose sectors including the crypto industry, the artificial intelligence sector, AIPAC, and other billionaire-backed super PACs. In a post on X, he emphasized, “Together, we are going to take on crypto, the AI industry, AIPAC and other billionaire super PACs and send Peggy to the United States Senate.”
Bernie Sanders, known as a leading Democratic socialist in the United States, has consistently argued against widespread adoption of cryptocurrencies and has raised concerns about the influence of digital assets. Throughout congressional debates about crypto-related legislation, Sanders has warned that new regulations risk benefiting wealthy insiders at the expense of everyday Americans.
During congressional debates, Sanders warned that digital assets could “further concentrate wealth among insiders and create new risks for working families.”
He has previously voiced criticism against the stablecoin-focused GENIUS Act, a bill backed by Republicans that passed last year. Sanders objected to the bill’s approach, arguing it could weaken consumer protections.
Progressive allies join criticism of crypto PACs
Sanders’ recent remarks align with a broader progressive push in Congress. Senator Elizabeth Warren, another leading progressive figure, has echoed similar concerns. Warren, who leads the so-called “anti-crypto army” in Congress, recently used social media to criticize the growing influence of cryptocurrency money in American politics.
Warren claims that “dark money groups” are spending millions to sway elections and that cryptocurrencies, together with artificial intelligence projects, have become major sources of outside political spending. She has repeatedly called out the crypto industry’s lobbying activities and has objected to what she describes as “industry-written” legislation that could introduce regulatory loopholes.
Warren stated that special interest groups “are spending millions to influence the outcome of our elections, and cryptocurrency is now a major piece of that puzzle.”
Crypto super PACs gain major influence
Their criticism comes at a moment when cryptocurrency-supported political action committees (PACs) have emerged as substantial forces in U.S. electoral politics. In the ongoing 2024 election cycle, crypto-backed groups have reportedly become some of the biggest spending entities in congressional races.
Fairshake, a prominent super PAC in the crypto arena, operates in coordination with affiliated groups such as Protect Progress and Defend American Jobs. These political organizations have received significant financial backing from major digital asset and venture capital firms, including Coinbase, Ripple Labs, and Andreessen Horowitz.
Supporters of these PACs argue they are crucial for electing lawmakers who understand digital assets and will support clear and effective cryptocurrency regulations. They view their campaign spending as necessary to counter what they consider out-of-date or misinformed regulatory efforts in Congress.
Mini dictionary: Super PAC — A super political action committee (PAC) is a U.S. organization that can raise and spend unlimited funds to support or oppose political candidates, but cannot coordinate directly with candidates or political parties.
| PAC Name | Main Backers | Election Focus |
|---|---|---|
| Fairshake | Coinbase, Ripple Labs, Andreessen Horowitz | Congressional races, 2024 cycle |
| Protect Progress | Affiliated with Fairshake | Congressional support for crypto |
| Defend American Jobs | Affiliated with Fairshake | Pro-crypto legislation |
