Wyoming’s Republican Senator Cynthia Lummis announced that she has purchased $50,001 – $100,000 worth of Bitcoin, according to a periodic trading report released Thursday. Lummis, which has been buying from BTC, the largest coin by market capitalization since 2013, made its last purchase on August 16 through its brokerage platform River Financial.
US senator bought from the biggest coin, BTC
Under the 2012 Congressional Information Trade Stop Act (STOC Act), senators and senior staff with earnings over $119,554 are required to disclose certain financial transactions. This means that authorities must report any purchase, sale or exchange of stocks, bonds, commodities and other securities in excess of $1,000.
cryptocoin.com As we report, the Senator previously served as Wyoming’s state treasurer for eight years, and said last year that he was always looking for “something with a good store of value” during his time as treasurer. His son-in-law and friends educated the senator about Bitcoin’s potential as a store of value, and Lummis jumped on the BTC train as the coin was trading for around $320.
Lummis worried about stablecoins
While a Bitcoin advocate, Lummis has voiced his concerns about stablecoins during a speech last week. The senator said stablecoins pegged to fiat currencies at a ratio of 1:1 “should be backed by 100 percent cash,” should be audited regularly. He also stated that stablecoins lack transparency.
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