The member of the US Senate and crypto lawmaker is staunch supporter and vocal towards Bitcoin and blockchain technology. She is also the one who quite frequently supported Bitcoin and cryptocurrency in Congress.
Cynthia Lummis, the U.S Senator from Wyoming, told that back in the month of August she purchased the Bitcoin worth between $50,001 and $100,000. She disclosed the details as per the requirement of the Stop Trading on Congressional Knowledge Act, or STOCK Act,
The STOCK act was passed under the Barack Obama regime. CNBC reported that Lummis’ purchase was disclosed after the 45-days reporting deadline was finished. The primary reason behind the delay was “a filing error.”
Cynthia Lummis completed this purchase two weeks after she and some other senators tried to be the pro-crypto amendment within the President’s infrastructure bill. This move was also supported by Senators Mark Warner and Kyrsten Sinema, the motivation behind this was to release the burden from the shoulders to crypto traders and investors, and also to make the tax reporting easy for the crypto miners and wallet providers.
However, Lummis’ amendment controversially failed, and the bill was approved on August 10, without the inclusion of crypto-pro amendments. However, the bill was criticized by many senators, one of them was Senator Pat Toomey, a Pennsylvanian-based Republican. He described this bill as “full of flaws and badly proposed,” with the primary focus on adding more tax burden on specific crypto companies.
The fact is that Cynthia’s crypto purchase is not surprising, neither against the law by all means. She openly supports crypto trading. However, previously when bitcoin prices crashed to below $30,000, Cynthia advised against the purchase of Bitcoin and advocated buying dip.
However, it is not clear whether she had purchased bitcoin at that time or not. However, in the month of June, Cynthia told fox news that she is planning to buy more bitcoins as soon as their price would further drop down.
Despite the regulatory pressure on the crypto market, there are multiple Senators who vocally supported the crypto and also own digital tokens. Moreover, these senators are making efforts to release the pressure from the crypto market and also against the unfair regulatory sanctions being imposed on the crypto traders.
Recently, a group of Senators has spoken against the U.S President’s decision of appointing Omarova as the head of regulatory authority to regulate the crypto market. These crypto-friendly senators not just doing their best to bring in crypto-friendly regulations. This is not it, the majority of them also own digital tokens. This is an encouraging sign for the crypto community of the U.S.