The Republican representative, Madison Cawthorn has been fined a huge amount by the US Government for his involvement in cryptocurrency that he promoted. He has served as North Carolina’s U.S. representative of the congressional district since 2021. However, He lost his reelection in 2022 against Chuck Edwards. He invested and promoted a less popular crypto coin with the name Let’s Go Brandon (LGB). It is an anti-Joe Biden meme coin.
Why Madison Cawthorn has been fined
The House Ethics Committee of the USA carried out a seven-month-long investigation against Madison Cawthorn over a suspicion. The investigation has highlighted that the Republican Representative has incorrectly invested in a cryptocurrency. He has also promoted it which is a major violation of the law.
According to USA Today, Cawthorn has allegedly breached the Ethics in Government Act by hiding his investment processes in the anti-Joe Biden meme crypto coin Let’s Go Brandon (LGB). The politician further received improper presents every time he invested in the coin. For breaching government policy, he has been fined with an amount of $15,237 out of which he has to pay $14,237.49 for charity work and $1,000 afterward to the Treasury Department of the country.
What the government report states against Madison Cawthorn
The report by the House Ethics Committee has revealed Cawthorn’s illegal transactions for cryptocurrency. Along with that, the report mentions an improper relationship between the politician and a staffer. He paid $150,000 on 21st December 2021 for which he received 180 billion of LGB cryptocurrency.
Cawthorn afterward sold approximately all his coins in three segments in December last, 2021, January 4, 2022, and January 17, 2022. He even appeared in several pictures and videos where he was evidently trying to persuade to invest in LGB coins. All these activities are illegal according to the government.