Dallas, TX, United States, 10/30/2021 / Top Wire News /
U.S Senator Cynthia Lummis (R-Wyo.) disclosed in a Periodic Transaction Report filed with the SEC on Thursday that she bought bitcoin worth $50,001-$100,000.
Lummis has been buying Bitcoin since 2013 and she executed her latest purchase on August 16 via the Brokerage platform River Financial. Senators and senior staff earning above $119,554 are required to report certain financial transactions under the Stop Trading on Congressional Knowledge Act of 2012 (STOCK Act). Requirements specified in the act means that they must report any purchase, sale, or exchange of any stock, bond, commodities future, and other securities if the transaction is of more than $1,000.
The senator has previously served as Wyoming’s state treasurer for eight years and has told CoinDesk last year that during her time as treasurer she had always been looking for something that was a “good store of value”. Her son-in-law and his friends helped educate the senator about Bitcoin’s potential as a store of value, she said, sparking her interest in the cryptocurrency and prompting her to jump on the bandwagon when Bitcoin was trading for around $320.
While a long-time Bitcoin advocate, the senator has recently slammed stablecoins during a speech on the Senate floor last week, and said that “they must be 100% backed by cash and this should be audited regularly”. She also expressed concerns that cryptos pegged 1:1 to other sovereign fiat currencies lacked transparency.
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