United States Senator Cynthia Lummis, a Republican from Wyoming, is one of the staunchest cryptocurrency supporters in Congress. Lummis is also a Bitcoin hodler, being one of the first publicly known U.S. politicians to have invested in the cryptocurrency, which she first bought back in 2013 following a tip from her son-in-law. Prior to her tenure in the Senate, Lummis served in the Wyoming House of Representatives, where she represented Laramie County, and as state treasurer. She was later elected to the U.S. House of Representatives in 2008, representing Wyoming’s at-large congressional district.
Lummis is known for making some courageous moves as a cryptocurrency-friendly politician. In late 2021, the senator argued that the Federal Reserve was “violating the law” by delaying the processing of crypto banks’ applications to receive accounts with the central bank. She argued that the Fed has a “duty to give payment system access to all banks and credit unions conducting legal activities.”
Senator Lummis publicly established herself as a major Bitcoin investor, steadily growing her Bitcoin holdings over the course of 2021, and adopted a laser-eyed avatar as part of a Twitter flash mob in February. In August, Lummis disclosed that she had bought BTC worth between $50,001 and $100,000. In June, the senator said that she was “excited to buy the Bitcoin dip.”
In line with her firmly pro-crypto stance, Senator Lummis promoted the adoption and fair regulation of digital assets in the United States. In May, she helped launch the bipartisan Senate Financial Innovation Caucus to educate her fellow legislators on the potential of blockchain technology and promote innovation-friendly regulation. In June, Lummis advocated for Bitcoin as a retirement asset.
Senator Lummis worked with several senators across party lines to urge the Treasury Department to clarify the definition of a broker in the infrastructure bill signed into law in November. According to the lawmakers, the tax-related bill contained an “overly-broad interpretation” of what a broker is, placing too much burden on individuals who may not have the necessary information on transactions to comply. Under the current language of the bill, crypto miners, developers, transaction validators and node operators will be required to report most digital asset transactions worth more than $10,000 to the Internal Revenue Service.
In late 2021, Senator Lummis disclosed plans to introduce a comprehensive bill designed to provide regulatory clarity on digital assets, including stablecoins, at some point in 2022. Additionally, she reportedly proposed creating an organization under the joint jurisdiction of the Securities and Exchange Commission and the Commodity Futures Trading Commission to oversee the crypto market.
Senator Lummis is expected to continue supporting the growing cryptocurrency industry in the United States and around the world in 2022. Her push for clarity on cryptocurrencies and stablecoins in U.S. legislation will continue to be significant.
While it remains to be seen whether Senator Lummis’ 2021 Bitcoin purchases will turn a profit this year, she has definitely seen compelling returns on her earlier investments, considering she bought her first BTC in 2013.
Law & Politics
