Senator Dave McCormick Invests in Bitcoin Amid Crypto Regulation Talks

Senator Dave McCormick invests up to $1.1 million in bitcoin amid crypto regulation discussions in the Senate Banking Committee. His actions raise concerns about conflicts of interest, although his spokesperson insists he follows ethics rules. Related legislation, the GENIUS Act, is also under consideration to regulate stablecoins in the U.S. McCormick’s investments are part of a broader trend among Republicans embracing cryptocurrency.

U.S. Senator Dave McCormick, a Republican from Pennsylvania, has been actively investing in bitcoin while seated on the Senate Banking Committee, which is currently considering cryptocurrency regulation. Reports indicate that McCormick has made investments ranging from approximately $505,000 to $1.1 million in cryptocurrencies along with purchases in state and municipal bonds. Federal ethics rules do require senators to report any stock, bond, or security transactions within 30 days, but they only need to provide a range rather than precise figures.

McCormick, who has a background as the former CEO of the world’s largest hedge fund, Bridgewater, recorded 15 trades between February and late March. All of these transactions involved the Bitwise Bitcoin ETF, a managed cryptocurrency fund. This has sparked concern among ethics advocates, though representatives for McCormick assert that his actions are compliant with Senate ethics guidelines.