Greg Xethalis, general counsel of Multicoin Capital, said that Pennsylvania U.S. Senator-elect Dave McCormick, who defeated incumbent Bob Casey, possesses a good understanding of issues including the economy and cryptocurrency. Xethalis shared his statement in a November 7 post on X.

"Dave McCormick is the type of spectacular mind and executive that you dream of running for government," said Xethalis. "He gets the economy, national security and crypto. He'll be a spectacular leader for the Keystone state, and we were thrilled to back him this cycle."

According to the Associated Press, McCormick defeated three-term incumbent Casey. McCormick said he believes that voters are "deeply distressed by the skyrocketing prices, the wide-open border, the crime in our cities, the war on fossil fuels, and they want change."

StandWithCrypto rated McCormick as a candidate who "strongly supports crypto." During his campaign, McCormick made numerous statements about cryptocurrency and blockchain technology, highlighting their potential benefits for the economy and national security. In one post on X in September, he said, "Crypto and blockchain have the potential to create incredible jobs for our commonwealth and strengthen our national security. We need leaders who will embrace it and ensure America is leading the world in another generation of critical innovation."

According to McCormick's campaign website, he witnessed the impacts of technological adoption while serving as CEO of the technology software company FreeMarkets. He said crypto and blockchain "offer America the chance to lead another generation of innovation, but policymakers must do their part, or this opportunity will slip away."

Xethalis joined Multicoin Capital in 2021 as chief compliance officer. According to LinkedIn, he is also a lecturing fellow at Duke University School of Law, director of the Fordham Law Alumni Association, and director of the Association for Digital Asset Markets.