Sanders and McKenzie Slam CLARITY Act as Favoring Crypto's 'Gambling' Industry

Senator Bernie Sanders and actor Ben McKenzie have spoken out against the proposed CLARITY Act, which they claim would weaken oversight of the cryptocurrency industry. The bill is set to be voted on by Congress soon.

McKenzie described cryptocurrency as an asset class primarily used for speculation, with most retail participants treating it as a form of gambling rather than investing.

The CLARITY Act would shift much of the oversight from the SEC to the CFTC, which McKenzie claimed has significantly fewer resources. He argued that this would provide the crypto industry with special treatment compared with traditional financial firms.