Key Takeaways
- Cynthia Lummis is the U.S. Senate’s preeminent crypto cheerleader.
- Lummis invested in bitcoin in 2014 but has since placed her holdings in a blind trust to avoid conflicts of interest.
- Lummis said she would put more of her money in crypto if she weren’t in the Senate.
Senator Cynthia Lummis has long been known as one of the U.S. crypto industry’s primary allies in Congress.
As the head of a new Senate Banking Subcommittee on Digital Assets, she could play a crucial role in shaping U.S. crypto policy during Donald Trump’s presidency.
Reflecting on the general optimism around crypto that has emerged since Trump entered office, Lummis recently commented that if she were not a member of the Senate, “that’s where I would put my money.”
Does Cynthia Lummis Own Crypto?
Senator Lummis has often spoken about how she first invested in bitcoin in 2014 after learning about it from her son.
A 2022 Senate financial disclosure report reveals that she placed bitcoin worth between $50,000 and $100,000 in a blind trust to avoid conflicts of interest.
Lummis last declared bitcoin holdings in 2021 and has not invested in crypto since.
However, in a recent interview with the Daily Mail, she said: “If I were not a member of the U.S. Senate and was a private citizen, that’s where I would put my money.”
Lummis’s Crypto Investments in a Blind Trust
In the context of the Senate, a blind trust is a financial arrangement whereby a politician transfers their assets to one or more trustees who make investment decisions without consulting or informing the politician about specific trades or investments.
While not strictly mandated, the trust format is often used when lawmakers have exposure to assets whose price may be affected by policy changes they are involved in.
The Senate Crypto Champion
Lummis’s decision to relinquish control of her bitcoin holdings reflects her keen interest in crypto policy.
Bills the senator has co-sponsored in recent years include the Lummis-Gillibrand Responsible Financial Innovation Act, the Lummis-Gillibrand Payment Stablecoin Act, and most recently, the GENIUS Act.
Donald Trump has reportedly expressed his desire for Congress to finalize both stablecoin regulation and a crypto market structure bill before the August recess.
While the House is also working on both tasks, Lummis leads a new Senate Banking Subcommittee on Digital Assets that is now at the forefront of efforts to regulate and support the sector.
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
