US Senator Cynthia Loomis, a Republican from Wyoming, said she bought bitcoin (BTC) for between $50,001 and $100,000 on August 16, according to filings Thursday.
The disclosure was part of the Congressional End-of-Knowledge Circulation Act or the Stock Act, which prohibited the use of non-public information for profit. The Stock Act was signed under former President Barack Obama in April 2012 and is designed to combat insider trading.
The Lummi purchase was revealed outside the 45-day legal reporting window, CNBC reports. A spokesperson said the delay in reporting was caused by an “archiving error”.
Lamis bought it less than two weeks after she and other senators tried to amend President Joe Biden’s infrastructure bill in favor of cryptocurrency. The bilateral effort, backed by Senators Mark Warner and Kirsten Cinema, aims to ease the burden of cryptocurrency tax returns on miners and wallet providers.
Controversially, Lammis’ change was not included in the infrastructure bill passed by the Senate on August 10. Senator Pat Toomey, a Pennsylvania Republican, called the bill a “fatal mistake” for imposing “impractical” tax reports. Authorization for some crypto companies.
As per the latest update on October 1, the bill, called the Infrastructure Investment and Jobs Act, was not voted on by the House of Representatives due to delays in its consideration.
Related topics: Infrastructure bill hanging on the balance sheet. What does its adoption of cryptocurrency mean?
The purchase of Lummis’ Bitcoin was not surprising given its completely hidden position. As Cointelegraph reported, the Wyoming senator previously expressed interest in a decrease in purchasing power after the price of bitcoin fell below $30,000. While it’s not entirely clear if she owns Bitcoin at the time, one senator told Fox News in June, “I’m very happy about it, as soon as it drops a little bit more, I’ll buy more.”