Senator Cynthia Lummis reported on the purchase of BTC worth up to $ 100,000

Get real time updates directly on you device, subscribe now.

American Senator Cynthia Lummis from Wyoming reported to the US Securities and Exchange Commission on the purchase of bitcoin in August for up to $ 100,000.

According to reports filed by Cynthia Lummis with the SEC, on August 16, 2021, the senator purchased bitcoin in the amount of $ 50,001 to $ 100,000. The purchase was made through the River Financial brokerage platform. US law requires senators and senior US officials with annual income in excess of $ 119,554 to disclose certain financial transactions. This includes buying and selling any stocks, bonds, futures and other securities if the transaction amount exceeds $ 1000.

A spokesman for Senator Lummis said that information about the purchase of bitcoins was provided after the end of the 45-day deadline for filing reports. The delay was due to an error in the submission of documentation, but this issue was resolved without imposing penalties. However, this is not the first time this has happened. In April, Lummis failed to include Bitcoin in the annual financial disclosure form provided to the Senate, Decrypt reports. Lummis later announced in amended form that she owns cryptocurrency in the amount of $ 100,000 to $ 250,000.

Lammis has been considered a bitcoin supporter for many years. She previously revealed that she first invested in bitcoin in 2013, when it was trading at $ 330. The senator believes that due to the scarce model of Bitcoin issuance, it has great economic potential and is suitable for long-term savings.

Lummis made several criticisms of stablecoins last week. She stated that they should only be issued by banking institutions, investment funds or similar financial institutions. In addition, stablecoins must be 100% backed by fiat currencies and regularly reviewed to ensure that these requirements are met.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.