Senator Cynthia Lummis Invested up to $100,000 in Bitcoin in August

U.S. Senator and member of the Republican Party Cynthia Lummis invested up to $100,000 in bitcoin in August.

According to reports for the U.S. Securities and Exchange Commission, on August 16, Lammis made a purchase of bitcoin in the range of $50,001 to $100,000 using the River Financial brokerage platform.

According to the anti-insider Trading Law in Congress, senior officials must disclose certain types of financial transactions, including "the purchase, sale or exchange of any stock, bond, commodity futures and any other securities if the transaction amount exceeds $1,000."

Lammis filed the reports after the expiration of the 45-day period stipulated by law. As her representative explained in a conversation with CNBC, this was due to a "filing error."
"When we realized this, we contacted the ethics committee to resolve the situation. It was an unintentional mistake, so the case was settled without any penalties," he said.
As CNBC notes, Lammis has had to make similar mistakes in the past. In April, she missed information about bitcoin in her annual financial statements. Subsequently, she clarified that she holds from $100,000 to $250,000 in cryptocurrency.

Lammis has been supporting bitcoin for a long time. In September 2020, she announced that she first invested in cryptocurrency in 2013 at a price of about $330:
"I bought my first bitcoin in 2013 because I believe in the economic potential of a limited issue and its ability to solve some of the problems of manipulation in our financial system."
Last week, however, she was critical of the regulation of stablecoins:
"Stablecoins should be issued only by depository institutions or through money market funds and other similar mechanisms. Stablecoins should be 100% backed by cash reserves and their equivalents, as well as undergo regular audits."