Cynthia Lummis
Source: Getty Images

Wyoming Senator Cynthia Lummis Supports Crypto, Invests in Bitcoin

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Oct. 8 2021, Published 1:30 p.m. ET

Senator Cynthia Lummis has been part of the blockchain revolution in the state of Wyoming for years. So, it isn't a surprise that she has significant investments in crypto. On Oct. 7, it was revealed that Lummis purchased up to $100,000 worth of Bitcoin in August.

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Lummis had to disclose her crypto purchases because of the Stop Trading and Congressional Knowledge Act (STOCK). The Act was put in place by former President Barack Obama. It requires Congress members to disclose their transactions involving stocks, bonds, commodities, and other securities.

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Cynthia Lummis has been a frequent crypto advocate.

Lummis said publicly that she likes cryptocurrencies. She stated that she made her first Bitcoin purchase in 2013 when the token was priced at $330. In June, Lummis revealed that the amount of BTC she purchased in 2013 was five tokens, which would be currently worth approximately $273,000.

Lummis has been a voice in economics for years during her time as a politician. She has also made history several times during her tenure in politics. In 1978, she became the youngest woman to serve in Wyoming’s legislature. She progressed from serving one term as the state’s Senate in 1992 to becoming the Treasurer of Wyoming in 1998.

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Lummis was elected into the U.S. House of Representatives in 2008 and was the first Wyoming representative since 1941 to be a part of the Agriculture committee. Recently, in the 2020 election, the junior senator became the first female Wyoming representative to be selected for the U.S. Senate.

Lummis is involved with various blockchain communities in Wyoming. She attended the Wyoming Blockchain Stampede in 2020 and she expressed her interest in cryptocurrency. She mentioned Bitcoin specifically because it has a supply cap of 21 million. The Wyoming Blockchain Stampede is an event for blockchain developers, entrepreneurs, companies, and enthusiasts alike. It covers various blockchain topics. Lummis plans to attend the Texas Blockchain Summit on Oct. 8.

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In July, Wyoming announced that DAOs (decentralized autonomous organizations) were able to legally operate in the state. It became the first state to allow crypto banking, which allowed the Kraken exchange to become the first exchange to charter a U.S. bank.

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How did Lummis get into crypto?

The Wyoming senator reportedly was educated on crypto by her son-in-law, Will Cole. Cole is the Chief Product Officer of Unchained Capital—a platform that provides financial services to long-term Bitcoin holders. Lummis also accredited her crypto knowledge to researching and finding securities with good store-of-value during her time as Wyoming’s treasurer.

Which other politicians own crypto?

In June, Pennsylvania Senator Pat Toomey bought shares of the Grayscale Bitcoin Trust as well as the Grayscale Ethereum Trust. Both trusts represent significant amounts of money that have been invested into the respective cryptocurrencies. Toomey’s purchases in each trust reportedly ranged from $1,000 to $15,000 in value. The Pennsylvania senator supports crypto. In the past, Toomey said that he sees crypto as a hedge against inflation of the U.S. dollar.

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