Crypto U.S. Senator Cynthia Lummis, a Republican from Wyoming, announced that she purchased $ 50,001 to $ 100,000 in Bitcoin (BTC) on Aug. 16, according to documents filed Thursday.
The disclosure is part of the Congressional Knowledge Stopping Trading Act, or STOCK, which prohibits the use of non-public information for profit. The STOCK Act came into effect in April 2012 under the Obama administration and aims to combat insider trading.
As reported by CNBC, the Lummis purchase was announced outside of the 45-day reporting period stipulated by law. The spokesman said the reporting delay was due to a “filing error”.
Lummis’ made the purchase less than two weeks after she and other senators tried to incorporate a pro-crypto change into President Biden’s infrastructure bill. The bipartisan effort, supported by Senators Mark Warner and Kyrsten Sinema, sought to ease the burden of crypto tax reporting on miners and wallet providers.
Controversial, Lummis’ amendment failed to make it into the Infrastructure Bill, which was passed by the Senate on Aug. 10. Senator Pat Toomey, a Republican from Pennsylvania, called the bill “seriously flawed” for imposing an “unenforceable” tax return on certain crypto companies.
The bill, called the Infrastructure Investment and Jobs Act, has yet to be voted on by the House of Representatives due to an adjourned process, according to the latest update dated October 1.
Related: The infrastructure bill hangs in the balance. What does the issue mean for cryptocurrencies?
Lummis’ BTC purchase is hardly surprising given their staunch pro-crypto stance. As Cointelegraph reported, the Wyoming senator had previously expressed an interest in buying dips after Bitcoin price fell below $ 30,000. While it’s not entirely clear whether she owned Bitcoin at the time, the senator told Fox News in June, “I’m really excited because right after it kept falling.