US Senator Cynthia Lummis has long been known as a major supporter of the cryptocurrency industry, and according to a recent filing, that much is definitely true. The Republican senator just disclosed a major Bitcoin purchase that will help grow her stake in the industry.
The filing reveals that Lummis bought between $50k and $100k worth of Bitcoin on August 16th. However, there is a slight problem, which lies in the fact that the purchase was disclosed more than 45 days after the event. As many likely know, The Stop Trading on Congressional Knowledge (STOCK) Act was obligating her to report the purchase within a 45-day period.
This is true for any and all Congress members who decide to purchase or sell stocks, bonds, commodity futures. However, most other assets are exempt from this requirement, and must be disclosed only once per year. But, since the purchases need to be reported in order to disclose any trades that could be used to profit from non-public information, the Senator, technically, had to report crypto transactions, as well.
The matter was resolved with no penalties
Lummis’ office said that the delay came due to a filing error. The spokesperson said that the office immediately contacted the Ethics committee to resolve the issue as soon as its members became aware of it. The Ethics committee presumably investigated the matter and it found that it was an honest mistake, which can be concluded from the fact that neither the Senator nor her office suffered any penalty.
This is not the first time that Lummis purchased BTC, as in April of this year, she filed her yearly financial disclosure form, revealing her BTC ownership. In fact, the initial filing did not mention Bitcoin, but the amended version disclosed that she owned between $100,000 and $250,000 in BTC.
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