U.S. Senator Cynthia Lummis, a Republican from Wyoming, announced that she purchased $ 50,001 to $ 100,000 in Bitcoin (BTC) on Aug. 16, according to documents filed on 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 came into force in April 2012 under former President Barack Obama and aims to combat insider trading.
As reported by CNBC, the purchase of lummis was disclosed outside of the statutory 45-day reporting window. The reporting delay was due to “a registration error”, said a spokesman.
Lummis made the purchase less than two weeks after she and other senators tried to incorporate a pro-crypto change into President Joe Biden’s infrastructure bill. The bipartisan effort, supported by Senators Mark Warner and Kyrsten Sinema, sought to relieve cryptocurrency tax reporting for miners and wallet providers.
It is controversial that Lummis’ amendment did not find its way into the infrastructure law, which was approved by the Senate on August 10th. Senator Pat Toomey, a Republican from Pennsylvania, called the bill “grossly flawed” because it provided for an “impracticable” tax reporting mandate for certain crypto companies.
The bill, known as the Infrastructure Investment and Employment Act, has yet to be voted on by the House of Representatives, according to the latest update dated October 1, as the process is postponed.
Related: The infrastructure bill hangs in the balance. What would its enactment mean for crypto?
Lummis’ bitcoin purchase is hardly surprising given their staunch pro-crypto stance. As Cointelegraph reported, the Wyoming senator had previously expressed an interest in buying the dip after Bitcoin’s premium fell below $ 30,000. While it’s not entirely clear whether she owned Bitcoin at the time, the senator told Fox News in June, “I’m really excited because as soon as it drops a little more, I’ll buy more.”