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Crypto-friendly Senator Cynthia Lummis Reveals $100k Bitcoin Purchase

The United States Senator Cynthia Lummis has recently revealed she purchased $100k worth of Bitcoin on August 16. Senator Lummis, a Republican from Wyoming, is known for being pro-crypto disclosed her purchase on Thursday. Precisely, her bitcoin purchase was worth between $50k and $100k.

Lummis’s Bitcoin purchase is hardly surprising given her stance on cryptocurrency. In a previous report, the pro-crypto senator had expressed her interest in buying the dip after the price of Bitcoin slumped over $30k. It is unknown if the Wyoming senator owned Bitcoin at the time of the crash as she did express her excitement in buying more Bitcoin as soon as the prices drop a little more.

The Republican senator’s recent purchase does not mark the first time she purchased Bitcoin. Back in 2013, Lummis purchased Bitcoin with $330 per token, adding that she owned five Bitcoin by the end of June the same year.

The Senator’s recent purchase was disclosed outside of the standard 45-day reporting deadline established by the 2012 Stop Trading on Congressional Knowledge Act, or STOCK Act.

The STOCK Act mandates members of Congress to reveal the purchase or sale of an individual stock, bonds, and commodity futures within 45 days of the transaction. The Act exempts certain assets such as mutual funds, Treasury Bills, and EIFs from the 45-day deadline and needs to be disclosed once a year. STOCK Act was signed into law and passed by the former president of the United States Barack Obama in April 2012. The Act was designed to combat insider trading.

A spokesperson reporting from Lummi’s office claimed the purchase was disclosed outside of the 45-day reporting schedule was due to a filing error. The spokesperson assured me the issue had been resolved without penalty.

The Senator’s recent purchase came less than two weeks after she along with other Senators tried to put forward a pro-crypto amendment into the Biden Administration’s infrastructure bill. The joint effort was supported by Senators Mark Warner and Krysten Sinema. The amount was designed to ease the burden on crypto tax reporting requirements for miners and wallet providers. It also defined who qualified as a crypto trader. Ultimately, the amendments were blocked from making it into the infrastructure bill.

According to the latest update, the Infrastructure Investment, and Jobs Act bill, has not yet been voted on by the House of Representatives due to delayed proceedings.

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