U.S. Representative Is Being Probed for Crypto Activities
Let’s Go Brandon is a coin that may have been used in a pump-and-dump operation by the Congressman.
US Congress has issued a statement announcing an inquiry into Representative Madison Cawthorn (R-NC) for allegedly promoting an unregistered crypto currency in exchange for cash compensation.
Over potential unlawful cryptocurrency activity, the House of Representatives has started an ethics inquiry against Rep. Madison Cawthorn.
The probe will look into whether North Carolina Representative Madison Cawthorn “improperly marketed a cryptocurrency in which he may have had a hidden financial interest,” according to a statement from the House Ethics Committee. There is also speculation that the Congressman may have “engaged in an illicit relationship with a member of his congressional staff.”
Cawthorn is being investigated after a Washington Examiner piece in April said he was involved in an insider trading fraud using the cryptocurrency Let’s Go Brandon (LGB), called after the slogan that mocks U.S. President Joe Biden. It was only hours before NASCAR driver Brandon Brown revealed on December 30 that LGB will be his principal sponsor for his 2022 season that Cawthorn openly declared that he owned LGB and was pictured with its developers, that the coin’s price increased by 75% and reached an all-time high.
The Washington Examiner was informed by several watchdog organisations that the congressman may have had prior nonpublic knowledge of Let’s Go Brandon’s arrangement with Brown. On the 29th of January, the value of LGB fell to zero and has not since risen.
Cawthorn represents North Carolina’s 11th congressional district in the House of Representatives. On May 17, he was defeated in the Republican primary for reelection by state senator Chuck Edwards.
When it comes to the investigation, will be headed by Rep. Veronica Escobar (D-TX) and Rep. Michael Guest ( R-MS). On May 11, the investigation was given the go light by a unanimous vote. The probe was followed by a tweet from Cawthorn: “Wow-I must still be an issue for the swamp! “They’re still chasing me,” I scream. An employee with whom Cawthorn allegedly had an improper connection has not been identified.