Pro-Crypto Senator Lummis Discloses Bitcoin Purchase Worth Up To $ 100,000

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Senator Cynthia Lummis (R-Wyo.) Disclosed the purchase of bitcoin worth $ 50,001 to $ 100,000, according to a periodic transaction report filed Thursday.

Lummis, who has been buying bitcoin since 2013, made his last purchase on August 16 through the River Financial brokerage platform. CNBC first reported the news.

Under the Stop Trading on Congressional Knowledge Act of 2012 (STOCK Act), senators and senior officials with incomes greater than $ 119,554 are required to disclose certain financial transactions. Part of the requirements means that they must report any purchase, sale or exchange of stocks, bonds, commodity futures and other securities on transactions greater than $ 1,000.

The senator previously served as Wyoming state treasurer for eight years and told CoinDesk last year that during her tenure as treasurer, she always looked for something that was a good store of value. Her son-in-law and friends helped educate the senator on the potential of bitcoin as a store of value, she said, prompting him to jump on the bandwagon as the crypto traded at around $ 320.

While defending bitcoin, Lummis criticized stablecoins during a Senate speech last week, saying they must be 100% backed by cash … transparency.

Read more: Janet Yellen Lobbyed Against Wyden-Lummis-Toomey Crypto Amendment: Report

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