Cynthia Lummis Purchased Bitcoin Worth $100,000

As per the filing on Thursday, Republican Senator Cynthia Lummis, a crypto supporter, loaded up on bitcoin, the world’s largest cryptocurrency. A purchase of about $50,001 to $100,000 was reported on August 16 as per the filings. 

As per the norms set by the Stop Trading on Congressional Knowledge (STOCK) act, one needs to disclose any such purchase within 45 days. The sale and purchase of commodity futures, individual stocks, and bonds by any congressman needs to be disclosed within the 45-day deadline. Other assets including T-bills, EIFs, and mutual funds need to be declared once a year. 

The filing was a bit past the set deadline of the 2012 STOCK act. According to a spokesperson for Senator Lummis, the disclosure was delayed due to some filing errors. The spokesperson added that it was an honest mistake that has worked out with the Ethics committee for fixation. Therefore, no penalties were levied on the senator.

A longtime supporter of bitcoin, she made her first purchase in 2013 worth $330 per token. She claimed to have 5 bitcoins by the end of June. Bitcoin has recently jumped to a five-month high, above $55,000, this Wednesday. 

Lummis was scrutinized even before this for not disclosing her assets in bitcoins. Lummis did not disclose the bitcoins purchase while filing an annual asset disclosure in April. An ammendment was filed a week later disclosing possession of bitcoins worth $100,000 to $250,000.

Lummis once stated that she would like to see retirement funds invested into bitcoin and other cryptocurrencies that will help people save for the future. 

Apart from Senate Cynthia Lummis, Sen Pat Toomey is also known to have invested in Ethereum and Bitcoins in June as per filings and Quiver Quantitative, an alternative data firm dealing in Senator’s trading activities.