Republican Senator Cynthia Lummis has revealed a significant purchase of Bitcoin as crypto supporters continue to increase their stake in volatile assets.
According to a submission Thursday, Republican senators scooped up the world’s largest cryptocurrency, worth $ 50,001 to $ 100,000, on August 16. The purchase appears to have been disclosed outside the 45-day reporting deadline set by the STOCK Act on Parliamentary Knowledge.
Congressmen have been Bitcoin bullish for many years and have promoted Wyoming as a leader in the development of financial institutions that work with the world of cryptocurrencies. She previously told CNBC that she bought her first Bitcoin for $ 330 per token in 2013 and said she owns five Bitcoins as of the end of June.
The 2012 Equity Act requires lawmakers to disclose the purchase and sale of individual stocks, bonds and commodity futures within 45 days of trading. Other assets such as investment trusts, EIFs and T-bills are exempt from the 45-day requirement and need to be disclosed only once a year. Different reporting schedules prioritize disclosure of transactions that may be used to benefit from non-public information.
The purchase was made within two weeks after Lumis and two other senators tried to insert amendments into the infrastructure bill passed by the Senate. Qualify as a broker from regulation. However, the fix was eventually blocked.
Bitcoin jumped to a nearly five-month high of over $ 55,000 on Wednesday and finally traded at around $ 54,000. The rally takes place in a series of small developments in Washington that have provided some comfort to institutional investors who are keen to dive into cryptocurrencies.
Lumis’ Bitcoin disclosure has been scrutinized before. In April of this year, she submitted her annual financial disclosure form to the Senate, which did not include Bitcoin. A week later, Lumis filed a revised disclosure revealing that she owns Bitcoin worth $ 100,000 to $ 250,000.
A spokesman for Lumis’ office did not immediately respond to CNBC’s request for comment.
Lummis’ new stake was one of the first parliamentary cryptocurrency purchases, according to Quiver Quantitative, an alternative data company that tracks senator trading activity.
Other notable cryptocurrency bets, according to Quiver Quantitative, are R-Penn, which purchased up to $ 15,000 in the Grayscale Ethereum Trust (ETH) and up to $ 15,000 in the Grayscale Bitcoin Trust (BTC) in mid-June. Filing.
Lumis previously said he wanted the retirement fund to be invested in Bitcoin and other cryptocurrencies.
“We hope that cryptocurrencies like Bitcoin will be part of the diverse asset allocations used for retirement funds and other opportunities for people to save for the future,” Lummis said in June. Said in a CNBC interview.
— CNBC’s Christina Wilkie contributed to the report.
Did you enjoy this article?
Exclusive Stock Selection, Investment Ideas, CNBC Global Live Stream
Apply CNBC Pro
Start your free trial now