The House Ethics Committee found Rep. Madison Cawthorn 'improperly promoted a cryptocurrency in which he had a financial interest' following a seven-month investigation.
It was not immediately clear if any criminal investigation was underway or would happen, something typically investigated by the federal Securities and Exchange Commission and the Justice Department.
Cawthorn on Dec. 21, 2021 had received 180 billion of LGB Coin, paying $150,000. The transaction occurred just before LGB Coin announced that it would sponsor NASCAR driver Brandon Brown in the 2022 season, the subcommittee said. The sponsorship was made public on December 30, 2021, but NASCAR withdrew its approval on January 4, 2022.
But Cawthorn did not disclose either his purchase or sales of his LGB Coin until after the ethics committee established the ISC, the report said."Additionally, Representative Cawthorn was seen in multiple photographs and videos in which he appeared to support or specifically encouraged individuals to purchase LGB Coin, including after the value of the LGB Coin that he held plummeted."
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