U.S. Senator Cynthia Lummis Increases Her Bitcoin Holdings

In August 2021, U.S. Senator and Bitcoin advocate Cynthia Lummis bought her first cryptocurrency for between $50,000 and $100,000, according to the filed report.

To acquire the asset, the politician used the services of River Financial.

Under the Stop Trading on Congressional Knowledge Act (STOCK Act) of 2012, members of Congress are required to disclose information about trades in stocks, bonds, futures and certain other securities valued above $1,000 within 45 days.

Lummis became a Senator from Wyoming in 2020. Then she said that she first invested in bitcoin in 2013, when the coin was around $300. According to CNBC, by the end of June 2021 she owned 5 BTC.

Before taking office in the Senate, Lummis served as Wyoming’s treasurer. In 2019 the state passed a law that equated cryptocurrencies with money.

Earlier the senator pledged to elevate the bitcoin discussion to the national level, and she also urged to move a portion of retirement savings into digital gold.

Lummis became a co-author of the amendment to the infrastructure plan, the provisions of which drew criticism from the crypto community. According to experts, the document broadly interprets the term “broker” with respect to industry participants, implying reporting obligations and costs.

The Wyden-Lummis-Toomey amendment excluded from this category miners, node operators, software developers and other non-custodial participants in the industry. As a result of the vote, it did not become part of the bill, as did Warner-Portman-Sinema’s competing proposal.

The Senate did not pass the compromise amendment, developed jointly with the Treasury, sending the plan to the House of Representatives without changes to the crypto provisions.

In September, Lummis said that stablecoin reserves should be 100% cash and cash equivalents.