American politician Madison Cawthorn has served in the US Congress since 2020.
Republican Representative Madison Cawthorn (R-NC) was fined $15,237 by the US House Ethics Committee for promoting a cryptocurrency in which he had previously made an investment.
A lesser-known anti-Joe Biden parody coin named “Let’s Go Brandon” is the cryptocurrency he sponsored (LGB). Let’s Go Brandon is a coded insult directed against Vice President Joe Biden.
The Investigation Subcommittee (ISC), following a seven-month investigation, “discovered considerable evidence that Representative Cawthorn promoted a cryptocurrency in which he had a financial interest,” according to the House Committee’s findings.
House will investigate disgraced GOP representative over “Let’s Go Brandon” coin
The report also noted that up until the House Committee looked into the situation, he “did not reveal either his acquisition or sale of his LGB coins.”
The Stop Trading on Congressional Knowledge (STOCK) Act, which Cawthorn broke, requires lawmakers to submit timely disclosures on transactions involving cryptocurrencies.
The representative reportedly spoke “directly” about buying or supporting the coin. The house committee disqualified him from making the promotion for personal gain.
The report stated: “Representative Cawthorn’s participation in promotional efforts for the cryptocurrency he held was inconsistent with his duty to defend the integrity of that institution as a Member of the House.”
Prior to December 31, 2022, $14,237 of the total $15,237 fine should be given to a deserving charity, with the remaining funds going to the U.S. Department of Treasury as restitution for breaking the STOCK Act.
awthorn cryptocurrency exchange
According to the investigation, Cawthorn wrote a $150,000 check to an unnamed LGB coin associate on December 20 in order to buy 180 billion LGB coins.
He received 180 billion LGB coins from an undisclosed source on December 21, 2021, and they were sent to his Coinbase wallet.
According to the story, “He bought LGB Coin to connect with his generation, make fun of a political rival, and speak out against the government’s control of currency.”
When he received the tokens, his investment had risen by $14,237.49 to $164,237.49.
On December 30, 2021, a week following his purchase, LGB coin announced that it would sponsor NASCAR driver Brandon Brown for the 2022 campaign.
However, NASCAR revoked its approval on January 4, 2022, and the representative left his post in three stages after that.