Rep. Madison Cawthorn Faces Punishment for Promoting Crypto

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Rep. Madison Cawthorn Faces Punishment for Promoting Crypto

Rep. Madison Cawthorn is the subject of an investigation by the House Ethics Committee of the United States, which results in the imposition of a fine of $15,000 for illegally promoting a cryptocurrency and failing to record transactions within the required time frame.

According to the report that was produced by the House Ethics Committee, Cawthorn purchased 180 billion LGB (Let’s Go Brandon) coins on December 21, 2021. In exchange, he sent a check for $150,000 to Witness 1 that was based on an LGB Coin value that was completed more than two weeks earlier.

There was a transaction that took place just before it was reported that LGB coin will be sponsoring NASCAR racer Brandon Brown for the 2022 season. On December 30, 2021, it was announced to the public that the sponsorship has been obtained.

On January 4, 2022, NASCAR canceled its endorsement. Representative Cawthorn sold virtually all of his LGB coins in three different lots on the 31st of December 2021, the 4th of January 2022, and the 17th of January 2022 respectively.

Cawthorn chose not to disclose whether or not he had bought or sold LGB Coins after the Committee established the Investigative Subcommittee (ISC). In addition, Cawthorn gave the impression of endorsing or specifically encouraging others to purchase LGB Coin, even after the value of the LGB Coin he was holding fell. This was the case even after the value of the LGB Coin he was holding dropped.

The Internal Security Committee (ISC) took into consideration allegations that Representative Cawthorn may have participated in fraudulent activity involving cryptocurrencies. These allegations included allegations of insider trading as well as a scheme to artificially inflate the value of LGB Coin.

The Internal Security Committee was unable to discover sufficient evidence of fraud, despite the fact that it questioned Representative Cawthorn’s reasons for his trading activity.

In spite of the fact that the Independent Select Committee could not reach a consensus on whether or not to recommend to the Committee that Representative Cawthorn be reprimanded, the ISC intended for its report to serve as a reprimand for Representative Cawthorn’s behavior.

It is required that Representative Cawthorn donate $14,237.49 to an appropriate charity by the end of the year 2022. Additionally, it is required that Representative Cawthorn pay $1,000 in late filing fees to the United States Department of the Treasury within 14 days of this report being made public.

Within 14 days of the publication of this report, Representative Cawthorn also submitted a PTR in which he disclosed the LGB Coin transaction that he had completed on January 17, 2022.

After the release of this report, reimbursement of the value of the improper gift, payment of all relevant late fines for late files of House reports, and submission of a disclosure involving his January 17, 2022 LGB Coin transaction, the Committee will consider this matter to be resolved. The resolution will be deemed to have occurred after the following steps have been completed:

Compiled by Coinbold

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