Did Cynthia Lummis buy bitcoin?

Senator Cynthia Lummis, R-Wyo., bought bitcoin worth between $50,001 to $100,000 on Aug.16, according to a filing on Thursday. The purchase was disclosed outside of the 45-day reporting deadline. A spokesperson at Lummis’ office told CNBC that the delay in disclosing was due to “a filing error.” The congresswoman has been a longtime bitcoin bull.

Who is Cynthia Lummis?

Republican Sen. Cynthia Lummis is Congress' resident cryptocurrency enthusiast. She' owns a large bitcoin stake and co-sponsored a significant crypto bill. The bill would help classify coins as either commodities or securities, and decide which agency should regulate them. Insider recommends waking up with Morning Brew, a daily newsletter.

Is Lummis a 'bad policy' for the crypto industry?

Crypto attorney Lewis Cohen — who advised Lummis staff on the bill — said it was a near-impossible task to balance the concerns of industry bigwigs and regulators. “Reflexively treating all tokens as securities,I really do believe it’s both wrong legally and fundamentally bad policy for the U.S.,” said Cohen, co-founder of the firm DLx Law.

What are some notable cryptocurrency bets?

The only other notable cryptocurrency bet came from Sen. Pat Toomey, R-Penn., who bought up to $15,000 of Grayscale Ethereum Trust (ETH) and up to $15,000 Grayscale Bitcoin Trust (BTC) in mid-June, according to Quiver Quantitative and a filing. Lummis previously said she’d like to see retirement funds invested in bitcoin and other cryptocurrencies.