The outgoing United States House Representative Madison Cawthorn has been fined over $15,000 by the House Committee on Ethics for his promotion of a cryptocurrency in which he had an undisclosed investment.
Во извештајот ослободен by the Committee on Dec. 6 after a seven-month-long investigation found Cawthorn “improperly promoted a cryptocurrency in which he had a financial interest” violating conflict of interest rules.
Cawthorn’s “direct and unambiguous” promotional commentary on social media followed an undisclosed purchase by the Representative of $150,000 worth of the token in December 2021.
He promoted the Ethereum-based token Let’s Go Brandon (LETSGO) — named after a slogan and meme that is used as a substitute for the phrase “F— Joe Biden” — after Cawthorn was able to secure the purchase of around 180 billion LETSGO tokens “on terms more favorable than those available to the general public.”
The $150,000 sum Cawthorn paid to an unnamed person involved with the token saw him receive 180 billion LETSGO, which were trading for an average value of around $164,200 at the time. Cawthorn also did not pay transaction fees.
Поврзани со: Криптовалутата стана игралиште за измамници
Cawthorn disclosed he still owns more than 15.3 billion LETSGO, which has a current value of under $25.50, според до податоците на CoinGecko.
The Representative will leave office in January 2023 after serving one year for North Carolina’s 11th Congressional District, being beaten in a Republican party primary in May by North Carolina Senator Chuck Edwards.
Source: https://cointelegraph.com/news/rep-cawthorn-fined-for-ethics-breach-over-let-s-go-brandon-token-promo