US Senator Cynthia Lummis reveals up to 100,000 Bitcoin purchases

Senator Cynthia Lummis, R-Wyo., A crypto advocate, has just revealed a sizable Bitcoin purchase.

Lummis bought the world’s largest cryptocurrency for $ 50,001 to $ 100,000 on August 16, according to a filing released after the STOCK Act’s 45-day filing deadline.

The congresswoman is a longtime Bitcoin investor. She first made a BTC purchase for $ 330 per token in 2013 and owned 5 BTC by the end of June.

The Securities Act 2012 requires members of Congress to disclose purchases and sales of individual stocks, bonds, and commodity futures contracts within 45 days of trading. Other assets – such as mutual funds, EIFs, and T-bills – are exempt from the 45-day requirement and only need to be disclosed once a year.

A spokesman for the Lummis office told CNBC that the delay in disclosing the information was due to “a filing error.”

“As soon as we realized that, we worked with the ethics committee to fix the problem. We honestly recognized the mistake and resolved the matter without penalty. “

The sale comes less than two weeks after Lummis and two other Senators tried to propose an amendment to a Senate-passed infrastructure bill that would narrow the definition of a money “broker”. Electronic and advanced protection for those who do not qualify as a regulated broker. But the last amendment was rejected.

Bitcoin rebounded to a nearly 5-month high of over $ 55,000 on Wednesday and is trading at $ 54,480. The rally is taking place amid a series of smaller developments in Washington that have given hope to institutional investors looking to get into crypto.

Back in April, Lummis submitted his annual financial disclosure form to the Senate, but it didn’t contain Bitcoin. A week later, she tabled an amendment that revealed that she owned bitcoins valued at $ 100,000 to $ 250,000.

The latest move by Lummis is one of the first congressional cryptocurrency purchases according to Quiver Quantitative, an alternative data company tracking Senators’ trading activities.

The only other notable crypto bet came from Senator Pat Toomey, R-Penn., Who bought up to $ 15,000 Grayscale Ethereum Trust (ETH) and up to $ 15,000 Grayscale Bitcoin Trust (BTC) in mid-June.

Lummis previously said that she would like to see pension funds invested in Bitcoin and other cryptocurrencies.

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Annie

According to CNBC

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