In Congress, the Wyoming legislator has been an outspoken advocate of Bitcoin and blockchain technology. Senator Cynthia Lummis, a Republican from Wyoming, said on Thursday that she acquired Bitcoin (BTC) worth between $50,001 and $100,000 on Aug. 16.
The disclosure was made in accordance with the Stop Trading on Congressional Knowledge Act, or STOCK Act, which forbids the commercial use of non-public information. The STOCK Act, signed into law in April 2012 by former President Barack Obama, is intended to deter insider trading.
Lummis’ purchase, as CNBC noted, was revealed beyond the 45-day reporting period required by law. According to a spokesman, the reporting delay was caused by “a filing mistake.”
Lummis made the purchase less than two weeks after she and several senators sought to alter President Joe Biden’s infrastructure package with a pro-crypto amendment. Senators Mark Warner and Kyrsten Sinema co-sponsored the bipartisan effort, which sought to alleviate the burden of bitcoin tax reporting on miners and wallet providers.
Surprisingly, Lummis’ amendment did not make it into the Senate-approved infrastructure package on Aug. 10. Senator Pat Toomey, a Republican from Pennsylvania, criticized the measure for imposing an “impractical” tax reporting requirement on certain cryptocurrency firms.
According to the last update on Oct. 1, the measure, entitled the Infrastructure Investment and Jobs Act, has yet to be voted on by the House of Representatives owing to postponed procedures.
Lummis’ Bitcoin purchase is unsurprising considering her outspoken support for cryptocurrency. As previously reported by Cointelegraph, the Wyoming senator indicated an interest in buying the drop following Bitcoin’s flash collapse to below $30,000. Although it is unclear if the senator held Bitcoin at the time, she told Fox News in June: “I’m extremely thrilled about it because as soon as it lowers a little bit further, I’m going to purchase some more.”
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