Senator Dave McCormick follows suit with a $10 million investment in Bitcoin. In March, he bought up to $700,000—or as little as $310,000—of the Bitwise Bitcoin ETF. This development comes as concern mounts and demands for robust federal cryptocurrency regulation increase across a range of stakeholders. It’s a fascinating crossroads of where investment meets policy, especially in the rapidly evolving world of digital currency. McCormick, who was elected to the Senate this year, has now thrown close to $1 million into Bitcoin-related assets.
McCormick’s recent purchase comes on the heels of a previous investment of up to $450,000 in February. These investments make him the most heavily invested member of Congress this year in crypto. Though his total portfolio is still very much weighted towards municipal securities, his growing interest in Bitcoin represents a remarkable diversification.
During his short time in office, Senator McCormick has already proven he is a strong proponent of American leadership in the blockchain and crypto industries. He has advocated for bipartisan overall budget agreement that provides resources and greater certainty to encourage innovation to win the U.S. economic future. Aligning his push with the agenda of former President Donald Trump, McCormick's dual role as both an investor and a policymaker could prove pivotal as federal action on crypto is expected later this year.
The timing of Senator McCormick’s investment is especially notable considering the current regulatory crypto-environment debate. As a member of Congress, his decisions and advocacy could directly influence the legislative outcomes that shape the future of digital currencies. His multi-billion dollar investment in Bitcoin speaks volumes about his belief in Bitcoin transformed society.
We expect federal action on crypto later this year. Her engagement may be the key to achieving regulations that are both responsible and effective.
