The state of crypto regulations in the United States remains uncertain as lawmakers take sides on the necessity for tough rules. The US Securities and Exchanges Commission (SEC) chief Gary Gensler along with Treasury Secretary Janet Yellen are lobbying for strict measures while the likes of SEC commissioner Hester Peirce and Wyoming Senator Cynthia Lummis are fighting for clear regulations that would ensure the growth of the crypto ecosystem.
Amid a growing tussle between lawmakers, one Senator has become the first sitting lawmaker to buy Bitcoin ($BTC). US Senator Cynthia Lummis’s financial disclosure form reveals that she made a hefty Bitcoin ($BTC) purchase in August. The BTC purchase came at a time when the crypto market had started recovering from a two-month-long bearish phase and a market crash in May.
Lummis has been a known Bitcoin proponent for quite some time now, who has been advocating for better regulations and even fought for a crypto-centric amendment in the Infrastructure bill. Thus, her BTC purchase didn’t come as a big surprise for many, but the sheer size of the purchase has definitely reinforced her belief in Bitcoin.
US Lawmaker Makes Record BTC Purchase
The Financial Disclosure form revealed that Lummis bought $50,000-$100,000 worth of Bitcoin on 16th August using River crypto exchange, making it the largest Bitcoin purchase ever made by any sitting lawmaker. Lummis continues to advocate for Bitcoin and better crypto regulations in the US.
Bitcoin is currently trading above $54,000 and looking to break $55K resistance. The top cryptocurrency managed to breach $55K yesterday, reaching a new 5-month high of $55,563 but couldn’t hold onto its gains and dropped down to sub $53K levels. However, $BTC has recovered all of its losses from bearish September and analysts predict that the last quarter of 2021 is going to be bullish where $BTC could retest its ATH above $64,000 and set a new ATH.