The 2024 U.S. presidential election marked a historic shift as crypto became a key campaign battleground. Donald Trump’s early endorsement of digital assets gave him a clear edge, earning massive support from the crypto community and ultimately propelling him to a second term. Meanwhile, Democratic candidate Kamala Harris made last-minute efforts to align with pro-crypto sentiments, but it was too little, too late.
Now, with Trump back in power, the intersection of crypto and politics is more prominent than ever.
Senator Dave McCormick Holds $1M in Bitcoin ETFs
According to U.S. Senate Financial Disclosure data, Senator Dave McCormick of Pennsylvania—formerly the CEO of Bridgewater Associates—is the largest Bitcoin investor in Congress.
In total, he has invested over $1 million in the Bitwise Spot Bitcoin ETF, with significant purchases in both February and March 2025. One notable investment of $65,000–$150,000 came just days before Trump announced plans to establish a Strategic Bitcoin Reserve.
The Bitwise ETF, currently trading at $50.96 with a 24-hour volume of $57.92 million, ranks as the sixth-largest Bitcoin ETF by assets under management (AUM), valued at $3.65 billion.
Coinbase CEO Supports McCormick’s Crypto Stance
McCormick’s pro-crypto position was not only a campaign highlight but a strategic advantage. His optimistic views earned endorsements from industry leaders like Coinbase CEO Brian Armstrong 
Brian Armstrong
Brian Armstrong is the CEO of Coinbase Global, the biggest bitcoin exchange in the US. He is a former software developer for Airbnb. In 2012, Brian teamed up with Fred Ehrsam and launched Coinbase in San Francisco. Even though co-founder Fred Ehrsam left the company in 2017, he remains a board member and owns 6% of the business.
On April 14, 2021, Coinbase went public through a direct offering on the Nasdaq. Soon it momentarily hit $100 billion in market capitalization. About 19% of company shares are owned by Armstrong.
Quick Facts Full name Brian Armstrong Birth January 25, 1983 in San Jose, California, U.S. Education Bachelor of Arts/Economics, Master of Arts/Science, Rice University Nationality American Martial Status Married Net Worth $11.9B (Refer for real-time) He supports the need for clear regulations and policies for cryptocurrency trading and decentralized transactions. Brian has collaborated with diplomats to formulate the policies. He continues to contribute to the crypto community and blockchain technology.
Brian Armstrong: Timeline of events 2010: Discovered Bitcoin – Read the Bitcoin whitepaper and became interested in decentralized finance.
2012: Co-Founded Coinbase – Launched Coinbase with Fred Ehrsam to simplify Bitcoin buying and selling.
2015: Expanded Coinbase Services – Introduced Coinbase Exchange and support for multiple cryptocurrencies.
2017: Led Coinbase Through Crypto Boom – Scaled operations as Bitcoin surged to $20,000, making Coinbase a top exchange.
2021: Coinbase IPO on NASDAQ – Took Coinbase public (COIN) at a $86B valuation, marking a major crypto milestone.
2022: Advocated for Crypto Regulation – Engaged with lawmakers to promote clear crypto regulations in the U.S.
2023: Launched Coinbase’s Layer-2 ‘Base’ – Introduced Base, a Layer-2 blockchain to improve Ethereum scalability.
2024: Pushing for Global Crypto Adoption, Married to Angela Meng. Year Award/Notable Work Details 2012 Co-Founded Coinbase Built one of the world’s largest cryptocurrency exchanges. 2017 Fortune 40 Under 40 – Technology Recognized for leadership in the crypto industry. 2021 Coinbase IPO on NASDAQ Took Coinbase public with an $86B valuation, a first for a major crypto company. 2021 Time 100 Most Influential People Listed for his impact on mainstream crypto adoption. 2023 Launched Coinbase’s Layer-2 ‘Base’ Introduced a Layer-2 blockchain to enhance Ethereum scalability. Useful Links to Connect With Brian Armstrong Platform Link X (formerly Twitter) https://twitter.com/brian_armstrong LinkedIn https://www.linkedin.com/in/brianarmstrong Coinbase Official Website https://www.coinbase.com Brian Armstrong’s Personal Blog https://brianarmstrong.com EntrepreneurInvestorDeveloper/ProgrammerCrypto and Blockchain Expert 
helping him secure a narrow election victory.
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At a Senate hearing in February 2025, McCormick declared that “2025 will be the year for digital assets,” underlining his belief that crypto and blockchain can drive innovation, strengthen national security, and support economic growth.
Other Lawmakers Join the Crypto Bandwagon
McCormick isn’t alone. Rep. Marjorie Taylor Greene also revealed investments in the iShares Bitcoin Trust ETF. Meanwhile, Senator Steve Daines previously held shares in multiple crypto-related ETFs but has since liquidated his positions.
As political support for digital assets grows, it’s becoming clear that crypto is no longer a fringe issue—it’s now part of the U.S. legislative mainstream.
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FAQs
McCormick believes digital assets are the future of innovation and the U.S. economy. His investment reflects strong confidence in Bitcoin’s long-term value, especially amid growing political support.
Trump’s early and vocal support for the crypto industry earned him overwhelming backing from the digital asset community, giving him a crucial edge in a closely contested race.
Expect a more favorable environment for crypto innovation—reduced regulatory pressure, strategic reserves like Bitcoin holdings, and increased institutional adoption encouraged by pro-crypto policies.
While not publicly confirmed, it’s likely a mix of profit-taking and precaution ahead of shifting regulatory scrutiny during the transition period before Trump’s win.
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