According to documents filed Thursday, Cynthia Lummis (a United States Senator from Wyoming) has disclosed that she bought Bitcoin (BTC), worth between $50,001- $100,000 on August 16.
The Stop Trading on Congressional Knowledge, also known as STOCK Act, required disclosure. This Act prohibits the profit-making use of nonpublic information. The STOCK Act, which was passed by the Obama administration in April 2012, is intended to stop insider trading.
CNBC reported that Lummis’ purchase was not disclosed within the Act’s 45-day reporting period. A spokesperson stated that the delay in reporting was caused by “a filing error”.
Lummis’ purchase came less than two weeks after President Biden and other senators tried to insert a procrypto amendment in the infrastructure bill. Senators Kyrsten Sinema and Mark Warner supported the bipartisan effort to reduce tax reporting requirements for cryptocurrency miners and wallet providers.
Lummis’ amendment was rejected by the Senate, which approved the bill on August 10. Senator Pat Toomey from Pennsylvania said that the bill was “badly flawed” because it imposes a “unworkable tax reporting requirement for certain crypto-companies.
According to the most recent update, Oct. 1, the House of Representatives has not yet voted on the bill, which is called Infrastructure Investment and Jobs Act. This is due to delayed proceedings.
Related: The fate of the infrastructure bill hangs in the balance. What does its passage mean for crypto?
Lummis’ purchase of BTC is not surprising, given her pro-crypto stance. Cointelegraph reported that the Wyoming senator expressed an interest in purchasing the BTC dip following the plunge in Bitcoin’s value to below $30,000. While it is not clear if she was actually a Bitcoin owner at the time, the senator said to Fox News that she was excited about the dip and would buy more as soon as the price drops further.
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