US: Pro-Crypto Senator Reveals Substantial Bitcoin (BTC) Holdings

Bitcoin-friendly US Senator Cynthia Lummis has added $100,000 worth of Bitcoin to her portfolio. This development was revealed late Thursday per a Periodic Transaction Report filed with the U.S Securities and Exchange Commission (SEC). 

Significant Bitcoin Purchase 

The filing revealed that Lummis bought between $50,000 and $100,000 BTC on August 16 from brokerage platform River Financial. Lummis was required by law to declare the purchase. The Stock Act mandates all U.S senators and senior staff earning above $195,000 to declare certain financial transactions within 45 days.

At the time, Bitcoin was trading at $45,000 and looking at the current market price, her portfolio has increased by 22%. Lummis’ bitcoin purchase disclosure appears to have passed the 45-day reporting period, but a spokesperson revealed to US news outlet CNBC that the delay was due to a filing error. They also added that the issue had been resolved without penalty.

This is the second time that Lummis will be failing to record her bitcoin purchases within the necessary time frame. Earlier in April, she failed to include Bitcoin in her annual financial disclosure form with the Senate. It was later revealed that she owned between about $250,000 worth of BTC. 

Long-term Bitcoin Advocate 

Lummis has been a bitcoin maximalist for several years. The Senator from Wyoming revealed in an event in 2020 that she purchased her first bitcoin in 2013 when it traded at $330. According to Lummis, she believed in the economic power of scarcity and the potential for Bitcoin to address some of the problems in the traditional finance system. 

Lummis has also been an advocate for bitcoin-friendly legislation but is critical towards stablecoins-pegged to fiat currencies. The lawmaker revealed recently in the US Senate that stablecoins should only be issued by regulated institutions. She further added that stablecoins must be 100% backed by cash and audited regularly.  Many US Lawmakers have increasingly turned towards cryptocurrencies in recent months. 

Bitcoin continues its bullish mini-run that began earlier in the week. The leading cryptocurrency is currently up 2% at the time of publication and valued at around $55,400 per unit. The growing adoption of bitcoin globally has led some experts to suggest that its price could hit $70,000 before the year ends.