Pro-Crypto Dave McCormick Wins Pennsylvania Senate Seat

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Julia Smith

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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Last updated:

November 8, 2024 11:36 EST

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Dave McCormick, a pro-crypto Republican, won the Pennsylvania Senate seat on Thursday, defeating Democratic incumbent Bob Casey in a tightly contested 2024 election. This victory flips the state red, as confirmed by the Associated Press.

Pro-Crypto Dave McCormick Secures Pennsylvania Senate Seat

McCormick, a former hedge fund CEO and blockchain advocate, narrowly defeated Casey by half a percentage point.

His campaign focused on economic issues, including criticism of Casey’s policies, which McCormick argued had fueled inflation and failed to address voters’ concerns effectively.

Despite media outlets confirming McCormick’s win, Casey has yet to concede, citing thousands of outstanding ballots.

During a Thursday interview with Fox News, McCormick remarked that Americans were “deeply distressed” over crime rates, energy policies, and immigration.

He positioned himself as a candidate of change, appealing to voters frustrated with the current administration.

McCormick’s victory is viewed as a boost for crypto advocates, given his consistent support for blockchain innovation and regulatory clarity.

His campaign aligns with a broader push to modernize financial policies in the United States.

A Strong Track Record in Blockchain Advocacy

McCormick has consistently championed blockchain technology and cryptocurrency regulation.

He recently voiced support for the Financial Innovation and Technology for the 21st Century Act (FIT21), a bill aimed at establishing regulatory guidelines for digital assets across the United States.

After the bill’s passage in the House of Representatives in May, President Joe Biden’s administration announced opposition, citing inadequate consumer and investor protections.

In a March 2024 op-ed in the Washington Examiner, McCormick emphasized the importance of embracing blockchain technology.

“Blockchain and crypto offer America the chance to lead another generation of critical innovation,” McCormick wrote.

He added, “If the Biden White House and Congress don’t provide the support and regulatory certainty this burgeoning industry requires, there is little doubt it will develop and thrive elsewhere.”

Crypto Advocates Win Big in 2024 Elections

McCormick’s win is part of a larger trend favoring pro-crypto candidates in the 2024 elections.

Republican President-elect Donald J. Trump defeated Democratic rival Kamala Harris, securing a return to the Oval Office.

Trump has pledged to enact crypto-friendly regulations and remove current SEC Chair Gary Gensler, whose regulation-by-enforcement approach has faced criticism from blockchain advocates.

Notable figures being considered as replacements for Gensler include SEC Commissioner Hester Peirce, Robinhood Chief Legal Officer Dan Gallagher, and SEC Commissioner Mark Uyeda.

With Republicans preparing to enter 2024 with a unified government, the advancement of crypto regulations under Trump’s leadership appears increasingly plausible.