Late disclosure filed by Republican Senator Cynthia Lummis shows up to $10,000 bitcoin purchase



On Thursday, Republican senator Cynthia Lummis from Wyoming filed a late disclosure with the Securities and Exchange Commission (SEC). The filing reported that she had purchased a huge amount of bitcoin. She is crypto supporter and her stake in the digital currency has grown from her first $330 token in 2013 up to a purchase on August 16 that is worth between $50,001 to $100,000.

She did not disclose these purchases within the 45-day deadline of The Stop Trading on Congressional Knowledge (STOCK) Act of 2012. It was also reported that she had purchased the bitcoin when she was trying to push an amendment that could have benefited the crypto currency industry. She used the brokerage firm River Financial for her transaction.

CNBC reported that the crypto currency friendly senator has been a bitcoin bull from a while. At the end of June she owned five bitcoins. However, in August her crypto assets increased dramatically. When CNBC contacted Lummis for comment a spokesperson from the senator’s office said that it had been filed after the mandated STOCK Act deadline due to “a filing error.”

The spokesperson also said that they worked with the Ethics Committee to fix the error after they realized it. It was called an honest mistake and the issue was resolved without paying a penalty, according to the spokesperson.

Sen. Lummis and supporters at the Senate had tried to limit the definition of who could be called a cryptocurrency broker. The amendment did not pass muster and was blocked. Had it passed, it would have protected those who did not qualify as brokers from regulators scrutiny.

Sen. Lummis has advocated crypto currency in her state and Wyoming has passed a few laws that are friendly to digital currencies. One of the laws allowed US regulated banks to have both crypto and fiat currencies in their portfolio. In June, she had also told CNBC that she wanted to see bitcoin as a “diversified asset” to be used in “retirement funds and other opportunities.”

Source CNBC, Barrons, Markets Insider





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