Cynthia Loomis, a Republican senator from Wyoming, revealed that she purchased Bitcoin (BTC) worth up to $100,000 on August 16. Act of Congress (STOCK), the deal ranged from $50,001 to $100,000.
The Stock Act requires members of the US Congress to disclose the purchase and sale of individual stocks, bonds, and commodity futures within 45 days of transactions. Other funds are exempt from the 45-day disclosure requirement. According to CNBC, Lummis’ delay in disclosing the purchase was due to a “registration error.” “Once we realized this, we worked with the ethics committee to fix it. It was an outright mistake, and the issue was resolved without penalty,” a spokesperson for her office told the media.
Lummis has been vocal about its bullish stance on the largest cryptocurrency by market capitalization. She once told CNBC that she bought Bitcoin for the first time in 2013 for $330 per coin and claimed that she should hold five BTC as of the end of June.
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Lummis Advocacy on Bitcoin
“I would like to see cryptocurrencies, such as bitcoin, become part of the diversified asset allocation that is used for pension funds and other opportunities to save for the future,” Loomis said in an interview last June. This disclosure comes days after Bitcoin experienced a strong rally that drove the price above $50,000 and now the price is quoting around $54,000 as of press time.
On August 9, Loomis said that US senators had some fruitful discussions about the cryptocurrency amendment. “It was an interesting day. Here’s what happens: First, we were able to have a very productive conversation with senators on all aspects of this issue, and if we can vote on the amendments, I think the digital asset (cryptocurrency) community will be pleased with the outcome,” he commented. Loomis at the time.
