US Senator Cynthia Lummis reveals she bought $ 100,000 worth of Bitcoin

Texas could raise funds through NFT and harness 'abundant' energy to mine Bitcoin

US Senator Cynthia Lummis reveals she bought $ 100,000 worth of Bitcoin By Hannah perez

Lummis, a cryptocurrency advocate senator, bought her first Bitcoin in 2013 and has continued to invest in the digital currency ever since. Now, his portfolio has grown a bit more.


United States Senator Cynthia Lummis, a Wyoming state Republican who is a crypto enthusiast, has revealed a significant purchase of bitcoins of around USD $ 100,000.

According to the most recent periodic transaction report presented by the senator before the Securities and Exchange Commission (SEC) of the country, Lummis acquired Bitcoin worth between USD $ 50,001 and USD $ 100,000 in August. According to the document, the purchase was made through the platform Rival Financial. The middle CNBC first reported the news.

The US senator’s investments are subject to public scrutiny under a US law that requires senior politicians to submit reports on their financial movements.

The “STOCK” Act of 2012 requires US senators and senior officials with incomes greater than $ 119,554 to disclose certain financial transactions. This requirement includes “any purchase, sale or exchange of stocks, bonds, commodity futures and other securities if the transaction exceeds USD $ 1,000“.

Senator Lummis adds more bitcoins to her portfolio

According CNBC, the last Lummis report was filed outside of the 45-day time frames after the purchase required by law; although a spokesperson for the senator explained that the delay was due to “a presentation error“. “Once we found out, we worked with the ethics committee to fix it”Said the spokesperson. “It was an honest mistake and the issue has been resolved without penalty”.

See also  US Congressman Warren Davidson assures that Tether "is a time bomb" - DiarioBitcoin

However, this is not the first time that the senator has not included her investments in Bitcoin in the annual reports of the Senate. In accordance with CNBC, In April of this year, Lummis submitted its financial disclosure form without including Bitcoin. A week later, she filed an amended disclosure revealing that she possessed bitcoins worth between USD $ 100,000 and USD $ 250,000.

It is estimated that the latest acquisition of bitcoins Senator’s share has risen about 20% amid the latest market surge. The flagship cryptocurrency surged above $ 55,000 this week for the first time since May.

Lummis, who is the first woman to be a Wyoming senator, is known in space for being a fervent advocate for digital currencies. She has already rated Bitcoin in the past as a “Great store of value”, and considers that all people should have the flagship cryptocurrency in their portfolio. He has also highlighted that he would like to see retirement funds invested in cryptocurrencies.

Lummis’s investments in cryptocurrencies mark one of the first in Congress, he said. CNBC citing data from Quiver Quantitative, a firm that tracks the business activities of senators. Among the few senators in the country who have disclosed holdings in crypto is Sen. Pat Toomey, Republican of Pennsylvania, who bought up to $ 15,000 from Grayscale Ethereum Trust (ETH) and up to USD $ 15,000 Grayscale Bitcoin Trust (BTC) in June.

See also  Another milestone for Bitcoin: 19 million BTC have already been issued

A Bitcoin enthusiast since 2013

The 66-year-old Republican, who previously served as Wyoming state treasurer for eight years, told CoinDesk last year you had bought your first Bitcoin in 2013 following the recommendation of his son-in-law and his friends.

She related that her family member had educated her about the potential of Bitcoin as a store of value, which led her to jump on the cryptocurrency train when Bitcoin it was still well below $ 1,000. The senator, who revealed in June this year that she had a total of 5 BTC, also told the story during the event. Wyoming Blockchain Stampede, which was held last year.

I bought my first Bitcoin in 2013 because I believe in the economic power of scarcity and the potential of Bitcoin to address some of the manipulations in our financial system.

Most recently, Lummis joined two other senators to try to insert an amendment in the infrastructure bill approved by the Senate that would have limited the definition of “runner”Seeking to protect industry players who do not qualify as brokers; such as miners, node operators and others. But the amendment was ultimately blocked.

Although she is an advocate for cryptocurrencies, the senator criticized the stablecoins during a speech in the Senate last week saying that “must be 100% cash backed […] and this should be audited regularly“.

See also  Lightning Payment Channel Marketplaces: A Bitcoin Business Opportunity

Recommended reading

Sources: CNBC, CoinDesk, Decrypt, file

Hannah Estefanía Pérez’s version / DailyBitcoin

Image from Unsplash

Leave a Comment

Your email address will not be published.