Cynthia Lummis, a Republican Senator from Wyoming and a US Senator, revealed that she bought BTC worth between $ 50,001 and $ 100,000 on August 16, according to documents filed last Thursday. The disclosure is part of the Stop Trading on Congressional Knowledge Act (Stock Act). The Stock Act was signed under former President Barack Obama in April 2012, designed specifically to combat insider trading.
As reported by Cnbc, the purchase of Lummis was revealed outside the statutory 45-day reporting window. The delay in reporting seems to be due to “an archiving error”, said a spokesman for the senator. Lummis invested less than two weeks later in attempting to insert a pro-crypto amendment into President Joe Biden’s infrastructure law. The Lummis amendment failed to pass into the infrastructure law, passed by the Senate on August 10. Senator Pat Toomey, a Republican from Pennsylvania, described the bill as “grossly flawed” for imposing an “impracticable” tax reporting mandate for some cryptocurrency companies.
Lummis’ purchase of Bitcoin comes as no surprise given its decidedly pro-crypto stance. The Wyoming senator previously expressed interest in buying the downside following the drop below $ 30,000. While it’s not entirely clear if she owned Bitcoin at the time, the senator told Fox News in June: “I’m excited to buy the bitcoin dip“.
