In Brief:
- Senator Cynthia Lummis from Wyoming had purchased Bitcoin worth between $50,001 and $100,000
- The purchase disclosed outside of the 45-days reporting deadline
- Earlier, Lummis had tried to insert an amendment into the infrastructure bill to ease the burden on tax reporting
On August 16, Republican Senator from Wyoming, Cynthia Lummis, revealed a Bitcoin purchase worth between $50,001 to $100,00.
This revelation came after the 45-days reporting deadline set by The Stop Trading on Congressional Knowledge (STOCK) Act., which prohibits the use of non-public information for profit.
The STOCK Act came into induction under the span of former President Barak Obama in April 2012 to deal with insider trading.
The delay announcement was due to “a filing error”, according to a spokesperson.
Lummis purchased the Bitcoin almost two weeks after she and other senators tried to add a pro-crypto amendment into President Joe Biden’s infrastructure bill. In this effort, Senators Mark Warner and Kyrestan Sinema tried to ease the burden on cryptocurrency tax reporting for miners and wallet providers. Unfortunately, this amendment was blocked.
Unfortunately, Lummis’ amendment couldn’t make a way into the infrastructure bill, which was approved by the Senate on Aug 10. Senator Pat Toomey called the bill “badly flawed” for imposing an “unworkable” tax reporting on certain crypto companies.
Lummis previously had also stated that she wants to make an investment in Bitcoin and other cryptocurrencies by her retirement fund.
“I would like to see cryptocurrency, like bitcoin, become part of a diversified asset allocation that are used in retirement funds and other opportunities for people to save for the future,” she said.
In the last few days, Bitcoin again started to climb up and marked a nearly five-month high. At the time of writing Bitcoin’s price marked $56,418, which shows a positive indication for Bitcoin’s future.
Recently, many crypto lovers from different backgrounds such as political, professional came frontside to buy bitcoin to take advantage of the dip. A few days ago, Soros Fund CEO Fitzpatrick confirmed that George Soros’ fund holds Bitcoin.
