Lawsuit To The US House Representative For This Altcoin!

US House Representative Madison Cawthorn has been voted the 15th House Ethics Committee for promoting an altcoin project in which she has an undisclosed investment.

Lawsuit To The US House Representative For This Altcoin!
Lawsuit To The US House Representative For This Altcoin!

US House Representative Madison Cawthorn has been fined over $15,000 by the House Ethics Committee for promoting an altcoin project in which she has an undisclosed investment. Here are the details…

Altcoin promotion fines for Madison Cawthorn

In a report released Dec. 6 after a seven-month investigation by the committee, Cawthorn violated its conflict of interest rules and had a "fiscal interest". improperly promoting a cryptocurrency that is Cawthorn's "direct and clear" promotional comment on social media followed the Agent's undisclosed purchase of $150,000 worth of tokens in December 2021.

Cawthorn managed to purchase approximately 180 billion. It then introduced the Ethereum-based Let's Go Brandon (LETSGO) token, named after a slogan and meme that replaces the phrase “F — Joe Biden”. The $150,000 that Cawthorn paid to an unnamed person who had an interest in the token attracted attention. With that money, he bought 180 billion LETSGOs, with an average value of about $164,200 at the time. Cawthorn also paid no transaction fees.

Donations of $15,000 to charities

The difference of $14,237 between the amount Cawthorn paid and the average value at the time he received the tokens was considered a “gift” by the Committee . The committee recommended that Cawthorn repay this money to "an appropriate charity." After purchasing the tokens on December 21, 2021, Cawthorn sold "almost all" in three lots. It faced an overall loss of about $7,500 through late January 2022. The committee “could not reach a consensus” as to whether Cawthorn intended to “personally profit from promotional activities.” not found. The committee further stated that “Cawthorn failed to submit reports describing his cryptocurrency-related transactions to Parliament in a timely manner.” However, the requirements for crypto disclosures are “relatively new,” according to the report. Therefore, the Committee found that the omissions in Cawthorn's statement were not "knowingly or willfully".

Cawthorn is leaving his post in January

A transaction report detailing the agent's current buying and selling of tokens has to present. He will also be required to pay a $1,000 late fee with his donation of over $14,000. Cawthorn announced that he owns more than 15.3 billion LETSGOs with a current value of less than $25.50.

The representative served one year in North Carolina's 11th Congressional District. However, he was defeated by North Carolina Senator Chuck Edwards in a Republican party primary in May. Therefore, he will leave his post in January 2023.