In the modern age, everything in the world has taken a digital turn including our funds and currencies. Crypto is ruling the markets and it is not surprising that US lawmakers are following this direction. On August, 2021, Wyoming Senator Cynthia Lummis made headlines for positive statements regarding cryptos, most significantly Bitcoin. However, has the Senator been loading up on BTC as well?
She Said, She Did
In a filing dated October 7, 2021, it was revealed that Lummis had purchased $BTC earlier on August 16, 2021. As for CapitolTrades.com, her August, 2021 purchase of $BTC was valued in the $50,001 to $100,000 category. The price of crypto was an estimated $46,000 that day. But while this noteworthy trade has caught the attention of private investors, it has also earned Lummis glaring eyes for reporting later than the 45-day mark.
A few years back, in 2013, Lummis heard about the virtual form of currency from her family. Back then, she was serving as Wyoming’s state treasurer and was a prominent member of the State House and Senate. In an interview dated June, 2020, she described herself as someone who is always on the lookout for a store-of-value.
“This is the 21st century. Fiat currency may be on the decline, and I believe that cryptocurrencies may be on the uptick. We were seeing that dynamic play out more quickly because of coronavirus,” she said in an interview with CoinDesk.
Presently, Lummis is seen as one of cryptocurrency’s biggest fans and spokespersons, encouraging people to invest in Bitcoin ever since she was sworn in. Lummis also reported another trade on October 7, 2021. This was 8-109 shares from Jacobs Engineering Group Inc (NYSE:J), worth around $1,001 to $15,000.
The senator was first elected to the U.S. House in 2008. In January, 2021, Lummis made history on the homefront when she became the first woman from the ‘Equality State’ to serve as its senator on the US Senate.
Fewer People, More Crypto
With a population of less than 600K, Wyoming is on the road to becoming America’s capital for crypto. Nearly 24 laws have been passed in the state in support of virtual currencies, with one law sparing crypto transactions from tax and transmitter regulations. Additionally, the state’s most recent law, effective July 1, 2021, was designed to protect entrepreneurs, developers, and individuals that work or deal in the blockchain industry. Furthermore, the state has been promoting the use of natural gas among crypto miners which is a problematic byproduct of oil drills in the state.
While these BTC trades have sealed Lummis’s reputation of being a witty bitcoin trader, the late PTR filing has nevertheless raised a question. Could this be yet another controversial case of lawmakers taking advantage of non-public information at their disposal?