Dave McCormick, a member of the Senate Banking Committee’s subcommittee on digital assets, has invested up to $1 million in Bitcoin this year, raising questions about potential conflicts of interest as his committee considers cryptocurrency regulation. The subcommittee, now chaired by Cynthia Lummis (R-WY), has been given the responsibility of debating the BITCOIN Act of 2025. McCormick’s personal financial interest in Bitcoin parallels his recent shifts to being a vocal advocate for blockchain technology and the digital technology industry.

McCormick’s position on the new subcommittee gives him unique influence over prospective digital asset legislation. This influence is now being closely examined due to the fact that he personally invested large amounts in Bitcoin himself. The nine-member advisory committee has been shepherding conversations around what could be a groundbreaking approach to the future of cryptocurrency regulation in the United States. Joining them are Senators Thom Tillis, Bernie Moreno, Bill Hagerty, Ruben Gallego, Mark Warner, Tina Smith and Chris Van Hollen.

Senator Cynthia Lummis’ Senate Bill 954 was introduced on March 11. She was rewarded with an endorsement for her 2019 reelection from President Donald Trump. This bill would establish the Strategic Bitcoin Reserve as a fund to begin paying down the national debt, which is currently at $36 trillion. A companion bill was introduced in the House with strong Alaska leadership, cosponsored by Rep. Nicholas Begich. Lummis’s efforts to incorporate Bitcoin into the nation’s financial strategy may be an extreme example, but it demonstrates the increasing willingness of policymakers to embrace digital assets.

According to McCormick’s financial disclosures, there were several purchases of these Bitwise Bitcoin ETFs between March 3 and March 27. These purchases were all between $15,001 and $100,000 each, adding up to at least $450,000 worth of stock purchases. Yet, these transactions have triggered serious concerns about self-dealing. This is even more relevant today as the Senate Banking Committee is debating new regulations for digital assets.

"There's a huge conflict of interest here." - Zeke Faux

Indeed, in a 2024 op-ed published in the Washington Examiner, McCormick said America should be at the forefront of blockchain technology. He has focused on the crypto industry’s possible positive economic impacts.

"By 2030, the industry is expected to support as many as 4 million jobs." - Dave McCormick

He has highlighted blockchain and crypto ecosystems in his home state, noting that places such as Allentown and Philadelphia could benefit from this boom.

"With growing blockchain and crypto ecosystems in my home state, places such as Allentown and Philadelphia could reap the benefits of this boom." - Dave McCormick

President Trump’s Growing Support for Cryptocurrency He’s packed his administration with rabid crypto supporters.

"is working closely with me to make America the Crypto Capital of the World." - President Donald Trump

There are still big worries when it comes to the power of special interests and the risk of regulatory capture.

"Members of the government are not supposed to receive money from people who are trying to influence policy, and these new crypto projects provide a very direct way for such people to do so, often in ways that can be a little bit more challenging to trace than, say, a bank transfer." - Molly White

In particular, McCormick has spoken to the national security implications of digital assets, especially as they relate to our competition with nations such as China.

"run the risk of national security concerns from countries such as China." - Dave McCormick