Pro-Crypto Senator Lummis Discloses Bitcoin Purchase Worth Up to $100K
U.S. Sen. Cynthia Lummis (R-Wyo.) disclosed she bought bitcoin worth $50,001-$100,000, according to a Periodic Transaction Report filed Thursday.
Lummis, who has been buying bitcoin since 2013, executed her latest purchase on Aug. 16 via the brokerage platform River Financial. CNBC first reported the news.
Under the Stop Trading on Congressional Knowledge Act of 2012 (STOCK Act) senators and senior staff with earnings above $119,554 are required to disclose certain financial transactions. Part of the requirements means they must report any purchase, sale, or exchange of any stock, bond, commodities future and other securities on transactions above $1,000.
The senator previously served eight years as Wyoming’s state treasurer and told CoinDesk last year that during her time as treasurer she had always been looking for “something that was a good store of value.” Her son-in-law and his friends helped educate the senator about bitcoin’s potential as a store of value, she said, prompting her to jump on the bandwagon when the crypto was trading for around $320.
While a bitcoin advocate, Lummis slammed stablecoins during a speech on the Senate floor last week, saying they “must be 100% backed by cash ... and this should be audited regularly” expressing her concerns that cryptos pegged 1:1 to other sovereign fiat currencies lacked transparency.
Read more: Janet Yellen Has Been Lobbying Against Wyden-Lummis-Toomey Crypto Amendment: Report