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U.S. Senator Cynthia Lummis, a Republican from Wyoming, revealed that she purchased Bitcoin (BTC) worth between $ 50,001 and $ 100,000 on August 16, according to documents filed Thursday.
The disclosure was part of the Stop Trading on Congressional Knowledge Act, or STOCK Act, which prohibits the use of non-public information for profit. The STOCK Act was enacted by former President Barack Obama in April 2012 and aims to combat insider trading.
As reported by CNBC, the Lummis purchase was disclosed outside of the statutory 45-day reporting window. The delay in reporting was due to “a misclassification”, a spokesperson said.
Lummis made the purchase less than two weeks after she and other senators attempted to squeeze a pro-crypto amendment into President Joe Biden’s infrastructure bill. The bipartisan effort, which was supported by Senators Mark Warner and Kyrsten Sinema, attempted to ease the burden of cryptocurrency tax reporting for miners and wallet providers.
Controversially, Lummis’ amendment failed to make its way into the infrastructure bill that was approved by the Senate on August 10. Senator Pat Toomey, a Republican from Pennsylvania, called the bill “seriously flawed” for forcing an “impractical” tax return. mandate on certain crypto companies.
The bill, dubbed the Infrastructure Investment and Jobs Act, has yet to be passed by the House of Representatives due to postponed proceedings, according to the last update on October 1.
Related: The infrastructure bill is at stake. What would its enactment mean for crypto?
Lummis’ purchase of Bitcoin is hardly surprising given its staunchly pro-crypto stance. As Cointelegraph reported, the Wyoming senator previously expressed interest in buying lower after Bitcoin’s flash price slumped below $ 30,000. While it was not entirely clear whether she owned Bitcoin at the time, the senator told Fox News in June: “I’m really excited about it because as soon as it drops a bit more I’m going to buy more. “
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