Sen. Bernie Sanders (I-VT) criticized the U.S. campaign finance system on Tuesday, pointing to major spending by Elon Musk, cryptocurrency interests and the AI lobby.
Big Money Buying Elections?
Sanders said on X that Musk has spent over $650 million “to buy elections,” including roughly $290 million in the 2024 presidential election and about $366 million in the 2025-2026 cycle so far.
AI-aligned interest groups and PACs have also deployed major war chests for the 2026 midterm election cycle, with total spending crossing $240 million, according to CNN.
Crypto Industry Emerges as Major Spender
The cryptocurrency industry, which emerged as a dominant lobbying force in the 2024 elections, has also mobilized for this year’s cycle.
The sector contributed $170 million in the 2024 election cycle and roughly $189 million to shape the 2026 midterms, according to a Reuters report published in June.
In fact, cryptocurrency giants, including Coinbase Global Inc. (NASDAQ: COIN), reportedly spent roughly $8 million specifically lobbying for the CLARITY Act, which eventually failed a Senate vote last month.
Fairshake, a cryptocurrency-focused super PAC, has contributed nearly $94 million as of Aug. 31, according to Federal Election Commission data.
Benzinga could not independently verify the $500 million in cryptocurrency industry spending cited by Sanders.
Time for Real Reforms?
The senior lawmaker called on the Democratic Party to implement real reform around the principle of “ONE PERSON, ONE VOTE” to ensure greater equality in political participation.
This isn’t the first time Sanders has voiced concerns about the influence of money in politics. In the past, he has criticized Andreessen Horowitz for reportedly pouring massive funds into “buy politicians” who oppose regulating artificial intelligence and the cryptocurrency industry.
Sanders is unequivocal 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
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