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Senator Cynthia Lummis discloses a bitcoin purchase worth up to $100,000

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Cynthia Lummis, the Senator-elect from Wyoming, poses for a photograph at Washington’s U.S. Capitol on November 9, 2020.

Reuters| Pool | Reuters

Senator Cynthia Lummis, R-Wyo., just disclosed a sizable bitcoin purchase as the crypto supporter continued to grow her stake in the volatile asset.

According to Thursday’s filing, the Republican senator purchased the largest cryptocurrency in the world on August 16 for between $50,000,001 and $100,000. The Stop Trading on Congressional Knowledge Act (STOCK Act), states that the purchase was not disclosed by the deadline of 45 days.

She is a well-known bitcoin investor and has praised Wyoming for its ability to develop financial institutions that can work with crypto. CNBC reported previously that her first purchase of bitcoin was in 2013, for $330 per token. She claimed she now owned five bitcoins by June’s end.

Members of Congress must support the 2012 STOCK Act disclose the purchase and sale of individual stocks, bonds and commodity futures within 45 days of the transaction. Other assets — such as mutual funds, EIFs and T-bills — are exempt from the 45-day requirement and need to be disclosed only once a year. There are different reporting times that prioritize trades that may be exploited to make money from information not public.

Bitcoin hit a new high of almost five months. above $55,000 on WednesdayIt was last traded at $54,000. Institutional investors who are keen to invest in cryptocurrencies will find some relief from a number of minor developments in Washington, D.C.

Lummis’ disclosure of bitcoin transactions has been scrutinized before. She filed with the Senate her April financial disclosure forms, which did not contain the bitcoin. Lummis amended her disclosure to reveal that she owns bitcoin worth anywhere from $100,000 to $250,000 a week later.

Lummis and two others tried to add an amendment to the Senate infrastructure bill. It would have limited who qualifies as a cryptocurrency currency broker and, by extension, protected brokers not qualified from regulation. The amendment was blocked.

CNBC did not receive a response from Lummis’ office immediately to our request for comment.

Lummis’ new stake represented one of the first congressional cryptocurrency buys, according to Quiver Quantitative. Quiver Quantitative is an alternative data company that tracks senators trading activities.

According to Quiver Quantitative, the filing said that Senator Pat Toomey (Republican from Pennsylvania) made one other noteworthy cryptocurrency wager. He bought Grayscale Ethereum Trust (ETH), up to $15,000 Grayscale Bitcoin Trust, (BTC) mid-June and up to $15,000 Grayscale Bitcoin Trust, (ETH).

Lummis stated previously that she would like to see her retirement savings invested in Bitcoin and other cryptocurrency.

“I’d like to see bitcoin and cryptocurrency become part of an asset portfolio which can be used to fund retirement plans or provide other options for individuals to save for their future.” Lummis said in a June CNBC interview.

— CNBC’s Christina Wilkie contributed reporting.

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