U.S. Senator Bernie Sanders has renewed his criticism of the crypto industry, accusing it of having growing political influence through campaign spending as digital asset-backed political action committees (PACs) increase their presence ahead of the 2026 midterm elections.
Speaking during a campaign event for Minnesota Lieutenant Governor Peggy Flanagan’s Senate bid, Sanders said his campaign would challenge “crypto, the AI industry, AIPAC and other billionaire super PACs.” The remarks, shared in a July 21 post on X, focused on the role of money in politics rather than cryptocurrency markets or blockchain technology.
Thank you to a packed house in Minneapolis who came out to support @peggyflanagan.
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. pic.twitter.com/j8VW091TkL
— Bernie Sanders (@BernieSanders) July 21, 2026
His comments come as crypto-backed groups continue to invest millions of dollars in congressional and Senate races across the United States.
ALSO READ: Ethereum Developer Warns of Paradigm’s Growing Influence on the Network
Crypto PACs increase their political spending
Crypto industry-backed political organizations have become some of the biggest spenders in the current U.S. election cycle. Public Citizen estimated that the industry had contributed about $189 million by late June, with Fairshake and its affiliated groups leading much of that spending.
Backed by major crypto firms including Ripple, Coinbase and Andreessen Horowitz, Fairshake has expanded beyond national lobbying efforts into key congressional races. The group has spent millions supporting candidates who favor clearer digital asset regulations.
Recent campaigns in Maryland, New York, Utah and Alabama have all attracted funding from Fairshake-linked PACs, showing that the organization is supporting both Democratic and Republican candidates rather than backing a single political party.
What Sanders is objecting to
Sanders’ latest criticism centers on the industry’s political influence instead of its technology or digital assets themselves. While he grouped crypto alongside other powerful interests, he did not identify any specific company or propose new legislation targeting the sector.
Instead, his message focused on the growing role of wealthy industries and large political donors in shaping elections. By linking crypto to campaign finance, Sanders shifted attention to how the industry’s financial resources are influencing political races as Congress debates digital asset legislation.
Crypto policy debate continues in Washington
Sanders has consistently taken a cautious approach to crypto regulation. In June, he joined Senator Elizabeth Warren and Representative Bobby Scott in urging the U.S. Labor Department to withdraw a proposal that could expand access to cryptocurrencies and other alternative investments in 401(k) retirement plans.
The lawmakers argued that retirement savings could face greater risks if digital assets were included without stronger investor protections.
Meanwhile, crypto-backed political groups continue to increase campaign spending as lawmakers work on market structure legislation, including the CLARITY Act. With both sides stepping up their efforts, the industry’s role in U.S. politics is expected to remain a major issue as the 2026 midterm elections approach.
Enjoyed this? Bookmark DeFi Planet, explore related topics, and follow us on Twitter, LinkedIn, Facebook, Instagram, Threads, and CoinMarketCap Community for seamless access to high-quality industry insights
Take control of your crypto portfolio with DEFI PLANET PRO, DeFi Planet’s suite of analytics tools.
