Senator Cynthia Lummis of Wyoming, recently revealed that she owns a sizable amount of Bitcoin. According to a Periodic Transaction Report filed with the SEC, Senator Lummis’ Bitcoin holdings are worth between $50,001 and $100,000 as of August 16, 2021. Lummis also revealed that she purchased the BTC via River Financial, a brokerage platform.
Details Of The Filing
The filing was made under the Congressional Knowledge Act of 2012 that requires US Senators and senior staff with earnings of above $119,554 to disclose certain financial transactions. Under the act, a transaction involving the purchase of stocks, bonds, commodities futures, and other securities over $1000 have to be reported.
However, the report was filed outside the 45-day deadline. A spokesperson for the senator stated that the delay resulted from a filing error. As soon as they realized it, they resolved the issue without any penalty. According to a CNBC report, Lummis had made a similar mistake in April when she failed to report her Bitcoin holding in an annual financial disclosure form with the Senate. In an amended filing, she revealed that held Bitcoin valued at between $100K and $250K
Lummis Is A Long Time Proponent Of Bitcoin
During the Wyoming Blockchain Stampede event in September 2020, Lummis made an appearance during which she discussed cryptocurrencies. She revealed that she had bought her first BTC in 2013 when the cryptocurrency was worth around $330. During the event, Lummis said that she bought BTC in 2013 because she is a believer in the power of scarcity.
She added that she believed in the potential of Bitcoin to address some of the manipulations in the financial system. Before she joined the US Senate in November 2020, Lummis served as the Wyoming state treasurer for eight years.
Her Views of Stablecoins
While she is a big supporter of Bitcoin, Senator Lummis is not a big fan of stablecoins. During a session of the US Senate, Lummis stated that stablecoins should only be issued by depository institutions or via money-market funds and similar vehicles. She added that “stablecoins must be 100% backed by cash and cash equivalents, and this should be audited regularly.”
Crypto Regulation In The US Senate
Progress on comprehensive crypto regulation at the federal level has been slow. Currently, the SEC and other federal agencies decide on crypto regulation on a case-by-case basis. That state of affairs has no doubt deterred some mainstream investors from delving into the sector.
However, progress has been made. For instance, in August, Forbes reported that senators were working on amendments to the tax reporters rule for crypto holders. Updates to the rules include the exclusion of proof-of-work and proof-of-stake miners from crypto tax reporting provisions. In its current form, it leaves software developers and decentralized platforms exposed to the new statute.
During a recent hearing of the US Banking Committee, there was a lot of interest in cryptocurrency regulation. It is a good sign that regulation could soon be forthcoming. The creation of solid rules for the cryptocurrency sector in the US will go a long way in providing clarity to investors.
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