The crypto enthusiast, Senator Cynthia Lummis, R-Wyo., has announced a large bitcoin purchase.
According to a filing on Thursday, the Republican senator bought the world’s largest cryptocurrency on August 16. Stop Trading on Congressional Knowledge (STOCK) Act reporting deadline.
A long-time bitcoin booster, she promotes Wyoming as a pioneer in building crypto-friendly banks. She previously told CNBC she bought her first bitcoin for $330 in 2013 and had five by June 30.
The 2012 STOCK Act requires Congressmen to report their stock, bond, and commodity futures purchases and sales within 45 days. Securities like mutual funds, EIFs, and T-bills are exempt from the 45-day rule and only need reported once a year. The various reporting schedules emphasize the disclosure of trades that profit from nonpublic information.
This was due to “a paperwork error,” Lummis’ office told CNBC.
Once we realized it, we worked with the Ethics committee to fix it. “It was an honest mistake and no penalty assessed.”
After failing to get an amendment into the Senate-passed infrastructure package, Lummis and two other senators bought a crypto currency exchange. However, the amendment was defeated.
Bitcoin hit a near-five-month high above $55,000 on Wednesday and traded around $54,000 last night. Recent modest developments in Washington have given institutional investors looking to buy cryptocurrency some peace of mind.
A previous report on Lummis’ bitcoin possession drew It was only in April that she disclosed her bitcoin holdings to the Senate. Following that, Lummis stated she possessed bitcoin worth $100,000-$250,000 in an amended report. The yearly report was timely filed.
According to Quiver Quantitative, Lummis’ new position was one of the first congressional cryptocurrency acquisitions, which follows senators’ trading.
Seen buying up to $15,000 worth of Grayscale Ethereum Trust (ETH) and Grayscale Bitcoin Trust (BTC) in mid-June, Sen. Pat Toomey, R-Pa., acquired up to $15,000 worth of Grayscale Ethereum Trust (ETH).
To invest in bitcoin and other cryptocurrencies, Lummis previously stated.
I want to see cryptocurrencies like included in retirement funds and other ways for people to save for the future, Lummis told CNBC in June.