'Take on Crypto': Socialist Sanders Rallies Against Tech Billionaires - U.Today

• Sanders’s long-running criticism of crypto
• Crypto PACs emerge as a major political force Independent Sen. Bernie Sanders has renewed his criticism of the cryptocurrency industry

During his appearance at a campaign event in Minneapolis supporting Minnesota Lt. Gov. Peggy Flanagan’s Senate bid, Sanders said they would challenge powerful industries.

“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,” Sanders wrote on X.

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Sanders’s long-running criticism of crypto

Sanders, the most prominent Democratic socialist in the US, has generally taken a negative view of cryptocurrencies

During debates over crypto legislation in Congress, Sanders has warned that digital assets would benefit wealthy insiders while creating risks for ordinary investors.

In 2025, he criticized the Republican-backed stablecoin-focused GENIUS Act, which passed last year

Sanders’ comments echo recent statements from fellow progressive Democrat Elizabeth Warren, the leader of the so-called "anti-crypto army" in Congress. In her recent social media post, she also criticized the role of cryptocurrency money in politics.

Warren has argued that "dark money groups" were spending millions to influence elections while listing crypto and AI among the major sources of outside political spending.

The influential progressive politician has repeatedly taken aim at the cryptocurrency industry’s lobbying power. She has criticized what she calls "industry-written" crypto legislation

Crypto PACs emerge as a major political force

Sanders and Warren’s criticism comes as cryptocurrency-backed political organizations have become some of the largest financial players in U.S. elections.

The most prominent crypto political network is Fairshake, a super PAC that operates alongside affiliated PACs Protect Progress and Defend American Jobs.

During the 2024 election cycle, these groups spent heavily on congressional races

The groups have received significant backing from major industry players, including Coinbase, Ripple Labs and venture capital firm Andreessen Horowitz.

Supporters argue that crypto PACs are helping elect lawmakers who understand crypto and want clearer regulations