U.S. Senator Cynthia Lumis, a Republican from Wyoming, revealed that she bought Bitcoin (BTC) for 50,001 to ,000 100,000 on Aug. 16, according to documents filed Thursday.
The disclosure was part of the Stop Trading on Congressional Knowledge or Stock Act, which prohibits the use of non-public information for profit. The Stock Act was signed into law in April 2012 under the Obama administration and was designed to combat insider trading.
CNBC reports that Lumis’ purchase was made outside the five-day reporting window set by law. A spokesman said the reporting delay was due to a “filing error”.
He and other senators bought Lumis less than two weeks after he tried to insert a crypto amendment to President Biden’s infrastructure bill. Bilateral efforts, supported by Senators Mark Warner and Kirsten Cinema, sought to reduce the burden of cryptocurrency tax reporting for mine and wallet providers.
Controversially, Lummis’s amendment failed to enter into the Infrastructure Bill that was approved by the Senate Aug. 10, with Republican Senator Pat Tommy from Pennsylvania calling the bill “badly flawed” for imposing “invalid” tax reporting orders on certain crypto companies.
The bill, dubbed the Infrastructure Investment and Jobs Act, has not yet been voted on in the House of Representatives due to stalled proceedings as per the October 1 latest update.
Related: The infrastructure bill is hanging. What does it mean to apply crypto?
Lummis’ bitcoin purchases are hardly surprising due to its strong crypto position. As reported by Cointelegraph, Wyoming senators have previously expressed interest in buying dives after the Bitcoin price crashed below ফ্ল 30,000 in Flash. Although it’s not entirely clear if Bitcoin was owned at the time, the senator told Fox News in June: “I’m really excited about it because I’m going to buy more as it goes down.”