• The most recent development in the US congress has revealed that Senator Cynthia Lummis owns roughly $100k in bitcoin.
  • To some, this isn’t entirely surprising as the senator has been an ardent advocate of cryptocurrency in the house.
  • Cynthia’s presence in the house could be pivoting some positive changes for cryptocurrencies laws in the U.S.

According to paperwork released on Thursday, United States Senator Cynthia Lummis, a Republican from Wyoming, purchased Bitcoin (BTC) worth between $50,001 and $100,000 on Aug. 16.

The material was made public as part of the Stop Trading on Congressional Knowledge Act, or STOCK Act, which forbids profiting from nonpublic knowledge. The STOCK Act, which was signed into law in April 2012 by former President Barack Obama, is intended to fight insider trading.

Lummis’ purchase was revealed outside of the law’s 45-day reporting timeframe, as reported by CNBC. According to a spokeswoman, the reporting delay was caused by “a filing error.”

Lummis was the Face of the Crypto Infrastructure bill in August

Lummis purchased the cryptocurrency less than two weeks after she and other senators attempted to change President Joe Biden’s infrastructure plan to include a pro-crypto amendment. Senators Mark Warner and Kyrsten Sinema were among those who backed the bipartisan measure, which aimed to make cryptocurrency tax reporting easier for miners and wallet providers.

Lummis’ amendment was controversially omitted from the Senate’s infrastructure package, which was passed on Aug. 10. Senator Pat Toomey of Pennsylvania, a Republican, called the bill “badly flawed” because it imposed an “unworkable” tax reporting mandate on certain cryptocurrency companies.

The Dip below $30k Presented a Good Buying Opportunity said Senator Lummis

According to the most recent update on Oct. 1, the bill, named the Infrastructure Investment and Jobs Act, has yet to be voted on by the House of Representatives owing to postponed proceedings.

Lummis’ purchase of Bitcoin is unsurprising considering her pro-crypto position. Recall that the Wyoming senator expressed interest in buying the dip as Bitcoin’s price dropped below $30,000. Although it’s unclear whether she possessed Bitcoin at the time, the senator told Fox News in June that “as soon as it drops a little bit, I’m going to buy some more.”