Senator Bernie Sanders (I-Vt.) and actor-turned-crypto critic Ben McKenzie have urged lawmakers to oppose the proposed CLARITY Act, arguing that the legislation would weaken oversight of the cryptocurrency industry.

Gambling, Not Investing

In a discussion focused on cryptocurrency regulation on July 30, Sanders said Congress could soon vote on the CLARITY Act and called the bill an important moment for digital asset policy.

However, McKenzie described cryptocurrency as an asset class primarily used for speculation. He argued that most retail participants treat it as a form of gambling rather than investing.

Cryptocurrencies lack traditional fundamentals such as cash flows, products or services, according to McKenzie.

He claimed the…