US Senator Cynthia Lummis, a Republican from Wyoming, has just revealed that she has made a significant purchase of bitcoin (BTC). This purchase added the equivalent of $100,000 to her portfolio. Under the Stop Trading on Congressional Knowledge Act of 2012 (STOCK Act), US senators and senior staff with earnings above $119,554 are required to disclose certain financial transactions. Although the purchase wasn’t disclosed within the 45-day reporting deadline set by The Stop Trading on Congressional Knowledge (STOCK) Act.
Members of Congress are required to disclose the purchase and sale of individual stocks, bonds and commodity futures within 45 days of the transaction under The 2012 STOCK Act. Senator Lummis’ recent bitcoins purchase falls within the 45-day requirement. Other assets such as T-bills and mutual funds are exempt from the 45-day requirement and only need to be disclosed annually. The difference in reporting schedules is aimed to prioritize the disclosure of trades that could be used to profit from nonpublic information.
A spokesperson at Lummis’ office commented on the delay in disclosing was due to “a filling error.”
Lummis has been vocal about Bitcoin and overall the cryptocurrency industry long before this purchase had taken place. She once told CNBC that she first added Bitcoin to her portfolio in 2013 for $330 per BTC, and she already owned five bitcoins as of the end of June, 2021.
It seems the crypto supporter will continue to grow her holdings in the volatile asset class. Congresswoman Lummis has always been bullish on bitcoin. She had also promoted Wyoming as the front runner in developing financial institutions to work with the crypto world. She once commented in a Fox News interview that she know there isn’t much know about bitcoin, especially in the Congress, that she wants to ensure everyone understands the cryptocurrency’s importance as a great store of value.
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