Senate Republicans are working to pass a landmark cryptocurrency bill that could change the digital asset landscape. At least one of the lawmakers working on it, Sen. Dave McCormick, could benefit monetarily from it.
Over the past three months, McCormick has funneled between $500,000 and $1.25 million into Bitwise’s bitcoin exchange-traded fund, according to financial disclosure records. (Senators disclose investments within a range.)
The fund’s value has quickly climbed, hitting a three-month high Tuesday after the GENIUS Act passed cloture. The industry-backed bill isn’t about bitcoin specifically: It regulates a segment of the crypto market known as stablecoins, and its potential passage points to a more mainstream adoption of digital assets. McCormick, a member of the Senate’s banking committee and its new digital assets subcommittee, voted to advance the bill.