Cawthorn Fined by Ethics Committee for Crypto Promotion
- According to a new report, Madison Cawthorn, a Representative of the House Ethics Committee was fined more than $15,000
- Cawthorn promoted a cryptocurrency called “Let’s Go Brandon” that he had personally invested.
- Cawthorn was also cleared of allegations that he was involved in an inappropriate relationship with a staffer by the committee.
North Carolina Republican Rep. Madison Cawthorn was fined more than $15,000 for improperly promoting a crypto currency in which he had a financial stake.
In 81-page report released on TuesdayThe Committee on House Ethics stated that the subcommittee of its investigation had failed to reach a consensus on whether Cawthorn should be formally reprimanded, but that the release of the report should serve as “an admonishment” to the congressman.
The Committee unanimously voted to order Cawthorn to pay $14,237.49 — the approximate value of the financial gains he made by promoting “LGB Coin,” a cryptocurrency named after the “Let’s Go Brandon” euphemism used to insult President Joe Biden — to a charitable organization within 14 days.
He was also directed to pay a $1,000 late payment fee and file a periodic transactions report disclosing the purchase.
“While cryptocurrency promotion, especially of the’meme coins’, may be a novel issue before The Committee, whether a member may promote an asset which the Member has a financial stake is not a novel question,” reads part of the report.
The Committee also cleared the congressman, aged 27, of allegations that they had had an inappropriate relationship with a member his staff and engaged in nepotism.
Insider reached out for comment to Cawthorn’s congressional office.
This is still a developing story. Keep checking back for new updates.
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