Pro-crypto senator Cynthia Lummis discloses up-to-$100K BTC purchase
Pro-crypto senator Cynthia Lummis discloses up-to-$100K BTC purchase
The lawmaker from Wyoming has been a vocal supporter of Bitcoin and blockchain technology in Congress.
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United States Senator Cynthia Lummis, a Republican from Wyoming, has revealed that she purchased Bitcoin (BTC) worth between $50,001 and $100,000 on Aug. 16, according to documents filed on Thursday.
The disclosure was part of the Cease Trading on Congressional Knowledge Act, or STOCK Human activity, which prohibits the apply of not-public information for profit. The STOCK Act was signed into constabulary under one-time President Barack Obama in April 2022 and is designed to gainsay insider trading.
As CNBC reported, Lummis' purchase was disclosed outside of the 45-day reporting window stipulated in the police. The reporting filibuster was due to "a filing mistake," a spokesperson said.
Lummis made the purchase less than two weeks subsequently she and other senators attempted to insert a pro-crypto amendment into President Joe Biden's infrastructure bill. The bipartisan effort, which was supported by Senators Mark Warner and Kyrsten Sinema, attempted to ease the brunt on cryptocurrency tax reporting for miners and wallet providers.
Controversially, Lummis' subpoena failed to make its manner into the infrastructure neb that was canonical by the Senate on Aug. 10. Senator Pat Toomey, a Republican from Pennsylvania, described the bill as "badly flawed" for imposing an "unworkable" tax reporting mandate on certain crypto companies.
The bill, dubbed the Infrastructure Investment and Jobs Deed, has nonetheless to be voted on by the Firm of Representatives due to postponed proceedings, according to the latest update on Oct. i.
Related: The infrastructure pecker is hanging in the balance. What would its enactment mean for crypto?
Lummis' Bitcoin purchase is hardly surprising given her staunchly pro-crypto stance. As Cointelegraph reported, the Wyoming senator previously expressed interest in buying the dip subsequently Bitcoin's toll flash crashed to below $30,000. Although it's non entirely articulate whether she owned Bitcoin at the time, the senator told Fox News in June: "I'g actually excited almost it because equally shortly every bit it drops a lilliputian more, I'm going to buy some more."
Source: https://cointelegraph.com/news/pro-crypto-senator-cynthia-lummis-discloses-up-to-100k-btc-purchase
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