Wyoming senator Cynthia Lummis made a huge Bitcoin investment around the same time she backed an amendment that would benefit the crypto industry. She reportedly purchased $ 50,000 - $ 100,000 BTC at the time cryptocurrencies were rallying and a number of senators were trying to limit the definition of a crypto broker.

The amendment to the infrastructure bill guarantees that miners, validators, software and hardware manufacturers, and protocol developers will be excluded from the reporting requirements set for crypto brokers. Sadly, it was blocked.

The disclosure of Lummis' investment happened after the 45-day reporting deadline set for members of Congress. A spokesman said it was delayed due to a "filing error."

"It was an honest mistake, and the issue was resolved without penalty," the spokesman said.

Back in April, there was no mention of Bitcoin holdings in Lummis' annual filing. But it was quickly corrected in May, revealing that the senator owns around $ 100,001 - $ 250,000 BTC.

"Amendments are a part of the filing process," said Darin Miller, the senator's communication director. "Sen. Lummis's spring filing was completed on time and in accordance with ethics requirements, "he added.

In any case, Bitcoin rallied as regulatory concerns diminished. It hit its highest level since May, topping $ 55,000 on Friday.

Late last month, Fed Chairman Jerome Powell said he had no intention of banning cryptocurrency. But stablecoins - another type of cryptocurrency associated with assets like the US dollar - require more control, he noted.

Bitcoin was up 1.24% to $ 54,878, while Ethereum was down 0.73% to $ 3,597 on Friday morning.