Posted on Dec 7, 2022
Rep. Madison Cawthorn broke rules over a 'meme' crypto, a House panel finds
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https://www.npr.org/2022/12/07/ [login to see] /madison-cawthorn-cryptocurrency-ethics-investigation-lgb-coin
Departing U.S. Rep. Madison Cawthorn of North Carolina has been told to pay over $14,000 to charity after the House Ethics Committee found he financially benefited while purchasing a cryptocurrency that he was promoting and violated conflict of interest rules.
The investigation examined the one-term Republican's purchase of LGB Coin, named for the chant "Let's Go Brandon" mocking Democratic President Joe Biden.
The committee found Cawthorn, who lost his reelection bid in May's primary, "acted in a manner that did not reflect creditably upon the House" based on his total conduct, according to the panel's report and admonishment released Tuesday. That conduct, the report found, included "his repeated and knowing promotion of a cryptocurrency in which he held a financial interest."
"While cryptocurrency promotion, particularly of a 'meme coin,' may be a novel issue before the committee, whether a member may promote an asset in which that member has a financial interest is not a novel question," the report said. Cawthorn also was told to pay $1,000 in late fees on reports filed for his cryptocurrency transactions.
Departing U.S. Rep. Madison Cawthorn of North Carolina has been told to pay over $14,000 to charity after the House Ethics Committee found he financially benefited while purchasing a cryptocurrency that he was promoting and violated conflict of interest rules.
The investigation examined the one-term Republican's purchase of LGB Coin, named for the chant "Let's Go Brandon" mocking Democratic President Joe Biden.
The committee found Cawthorn, who lost his reelection bid in May's primary, "acted in a manner that did not reflect creditably upon the House" based on his total conduct, according to the panel's report and admonishment released Tuesday. That conduct, the report found, included "his repeated and knowing promotion of a cryptocurrency in which he held a financial interest."
"While cryptocurrency promotion, particularly of a 'meme coin,' may be a novel issue before the committee, whether a member may promote an asset in which that member has a financial interest is not a novel question," the report said. Cawthorn also was told to pay $1,000 in late fees on reports filed for his cryptocurrency transactions.
Rep. Madison Cawthorn broke rules over a 'meme' crypto, a House panel finds
Posted from npr.orgPosted in these groups: State of North CarolinaU.S. House of Representatives
Republicans
Ethics
Investigation
Republicans Ethics Investigation
Posted >1 y ago
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PO1 William "Chip" Nagel you just can't fix STUPID!
..."The transaction occurred just before LGB Coin announced it would sponsor NASCAR driver Brandon Brown in 2022, but NASCAR soon withdrew its approval in early January. Cawthorn sold nearly all of the "meme" coin in three batches in December 2021 and January 2022, the committee said, but the congressman didn't disclose either the purchase or sales until the investigative subcommittee was announced.
Here's what 'Let's Go, Brandon' actually means and how it made its way to Congress
POLITICS
Here's what 'Let's Go, Brandon' actually means and how it made its way to Congress
Cawthorn also had been in photographs and videos encouraging people to purchase LGB Coin. The subcommittee said it didn't reach a consensus on whether Cawthorn intended to profit personally from those promotions. And while the subcommittee found he violated ethics law by failing to disclose timely his investment, it decided the failure wasn't knowing or willful, declaring he was misinformed about relatively new requirements related to cryptocurrency.
As for the investigation into Cawthorn's relationship with a staff member, the staffer at issue told investigators that he is Cawthorn's second cousin. House rules or law related to nepotism apply to first cousins, the report said. The staffer was hired as Cawthorn's scheduler and assisted him with his disability. Cawthorn uses a wheelchair after being partially paralyzed from a car accident as a teenager.
The investigation followed the release in the spring of photographs and videos depicting Cawthorn and the staffer "engaging in explicit and sexually suggestive comments and conduct." At the time, Cawthorn described a video as "just stupid locker room talk between two cousins that grew up like brothers, taken long before I served in Congress."
..."The transaction occurred just before LGB Coin announced it would sponsor NASCAR driver Brandon Brown in 2022, but NASCAR soon withdrew its approval in early January. Cawthorn sold nearly all of the "meme" coin in three batches in December 2021 and January 2022, the committee said, but the congressman didn't disclose either the purchase or sales until the investigative subcommittee was announced.
Here's what 'Let's Go, Brandon' actually means and how it made its way to Congress
POLITICS
Here's what 'Let's Go, Brandon' actually means and how it made its way to Congress
Cawthorn also had been in photographs and videos encouraging people to purchase LGB Coin. The subcommittee said it didn't reach a consensus on whether Cawthorn intended to profit personally from those promotions. And while the subcommittee found he violated ethics law by failing to disclose timely his investment, it decided the failure wasn't knowing or willful, declaring he was misinformed about relatively new requirements related to cryptocurrency.
As for the investigation into Cawthorn's relationship with a staff member, the staffer at issue told investigators that he is Cawthorn's second cousin. House rules or law related to nepotism apply to first cousins, the report said. The staffer was hired as Cawthorn's scheduler and assisted him with his disability. Cawthorn uses a wheelchair after being partially paralyzed from a car accident as a teenager.
The investigation followed the release in the spring of photographs and videos depicting Cawthorn and the staffer "engaging in explicit and sexually suggestive comments and conduct." At the time, Cawthorn described a video as "just stupid locker room talk between two cousins that grew up like brothers, taken long before I served in Congress."
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