US senator Cynthia Lummis has increased her investments in bitcoin

US senator Cynthia Lummis has increased her investments in bitcoin

In August 2021, US Senator and bitcoin supporter Cynthia Lummis bought her first cryptocurrency worth between $50,000 and $100,000, according to a filed report.

The politician used the services of River Financial to purchase the asset.

Members of the legislature must disclose transactions in stocks, bonds, futures and certain other securities of more than $1,000 within 45 days, according to the Congressional Closing Knowledge Trade Act of 2012.

Lummis became senator from Wyoming in 2020. At the time, she said she first invested in bitcoin in 2013, when the coin was worth about $300. According to CNBC, the politician had 5 BTC at the end of June 2021.

Before being elected to the Senate, Lummis served as Wyoming's treasurer. In 2019, the state passed legislation equating cryptocurrencies with money.

The senator had earlier promised to take the bitcoin debate to the national level, she also called for a portion of retirement savings to be converted into digital gold.

Lummis co-authored an amendment to the infrastructure plan, the norms of which have been criticised by the cryptocurrency community. According to experts, the document interprets the concept of "broker" too broadly in relation to industry entities, which implies corresponding reporting obligations and costs.

The Wyden-Lammis-Toomey amendment excluded miners, node operators, software developers and other non-custodial industry participants from this category. It was voted down, as was the competing Warner-Portman-Sinema proposal.

Nor did the Senate pass a compromise amendment drafted jointly with the Treasury, sending the plan to the House of Representatives without any changes to the cryptocurrency regulations.

Recall that in September, Lummis said that stackablecoin reserves should be 100% cash and cash equivalents.

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