Senator Cynthia Lummis, a Republican from Wyoming, reportedly revealed her acquisition of Bitcoin (BTC), with the value falling between $50,001 and $100,000, on August 16th.
Specifically, the revelation was reportedly included within the scope of the Stop Trading on Congressional Knowledge Act – also known as the STOCK Act – which bars the use of non-public information for profit. The STOCK Act was officially enacted under former President Barack Obama in April 2012 and is established to fight against insider trading.
Per CNBC, Lummis’ BTC acquisition was reportedly revealed past the 45-day reporting window included in the Act, with the recorded reason for the late timeline being “a filing error”.
Lummis reportedly finalized the acquisition in under two weeks, after she and other senators planned to include some changes that support crypto in President Joe Biden’s infrastructure bill.
The bipartisan attempt, which received backing from Senators Mark Warner and Kyrsten Sinema, reportedly looked to partly alleviate the burden on cryptocurrency tax reporting for miners and wallet providers.
Controversially, Lummis was not successful with the effort to include the change in the infrastructure bill – which received the regulatory green light from the Senate on Aug. 10.
Senator Pat Toomey, a Republican from Pennsylvania, reportedly referred to the bill as “badly flawed” for imposing an “unworkable” tax reporting obligation on particular crypto firms.
The bill – goes by the name “the Infrastructure Investment and Jobs Act” – still has not received the final voting from the House of Representatives because of delayed proceedings.