Republican congressman Madison Cawthorn won’t be around Capitol Hill much longer, but he left a crypto legacy in the form of an ethics report released today. It found CawthornforNC violated ethics rules in pumping LGB Coin. jesseahamilton reports
shows, if nothing else, how not to promote cryptocurrency while in Congress.
The House Committee on Ethics released a report on its investigation into Cawthorn’s crypto activity on Tuesday. It concluded Cawthorn broke congressional rules in promoting his personal, undisclosed crypto investment and in receiving an improper gift of favorable rates when he acquired– named for a phrase meant to be considered “F*** Joe Biden.”
The panel’s investigative subcommittee “found substantial evidence that Representative Cawthorn promoted a cryptocurrency in which he had a financial interest in violation of rules protecting against conflicts of interest.” House investigators couldn’t agree, however, on whether Cawthorn pumped the LGB token in order to personally profit from it. Accusations of insider trading were set aside after investigators couldn’t find “sufficient evidence” that the lawmaker had used nonpublic information about a NASCAR sponsorship to time his investment. The report also blamed his failure to disclose the investment on bad advice from an accountant.
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