Bitcoin’s biggest investor in Congress is part of a Senate committee regulating digital assets

28 April

Pennsylvania Republican U.S. Senate candidate David McCormick (Image: Screengrab via WJAC-TV / Facebook)

Sen. Dave McCormick (R-PA), who is a member of a Senate committee that is poised to work on legislation aimed at regulating the digital assets sector, is reportedly investing his personal funds into bitcoin (BTC).

CoinDesk, a cryptocurrency-focused website, reported last week that McCormick, who previously served as the CEO of the large hedge fund Bridgewater Associates, has recently made several investments in the Bitwise Bitcoin ETF worth hundreds of thousands of dollars. The CoinDesk report includes disclosures released last week.

McCormick was elected as a senator from Pennsylvania in January. He is said to be Congress's largest investor in BTC.

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The report notes that due to the ranges provided in these disclosures by lawmakers, the most recent investment amounts from last month can only be estimated to fall between $310,000 and $700,000.

In February, McCormick put $450,000 into the Bitwise ETF, likely increasing his total investment to nearly a million. His investments make up the majority of congressional bitcoin investments this year. In contrast, Rep. Marjorie Taylor Greene (R-GA) opted for a significantly smaller investment in BlackRock's iShares Bitcoin Trust (IBIT).

During the first hearing of the Senate Banking Committee Subcommittee on Digital Assets held in February, McCormick questioned the witnesses about the need for U.S. leadership "in this innovative technology and the potential benefits of stablecoins to preserve the dominance of the dollar."

That committee appears to be most involved in the upcoming developments regarding cryptocurrency legislation anticipated for this year.

“Blockchain and digital assets represent the next wave of innovation, and as policymakers, it’s our responsibility to create an environment where they can thrive,” McCormick said in a statement at the time.

“From my experience as a CEO in Pittsburgh in the late 90’s, I’ve seen firsthand how innovation can drive real prosperity in our communities. It is my hope that digital assets can unlock great opportunity for our Commonwealth and across our country. This Congress must work alongside President [Donald] Trump to pass bipartisan digital asset legislation that will guide the future of innovation and secure a robust economic future for the U.S.," he said.

Earlier this month, House Financial Services Committee discussed a bill aimed at establishing regulations for the U.S. crypto market to create a fully regulated domestic industry.

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Rep. Maxine Waters (D-Calif.), the leading Democrat on the committee, claimed that the panel is attempting to create a situation where Trump becomes "the king of crypto by passing legislation that lets him corner the market on stablecoins, kick George Washington off the dollar and make his own stablecoin."

AlterNet reached out to McCormick's office for comment.

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